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Name of the deal
DISPOSAL OF CROMWELL PROPERTY GROUP'S POLISH RETAIL PORTFOLIO TO STAR CAPITAL FINANCE
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Information about the transaction
In May 2024 real estate investor and fund manager Cromwell Property Group sold six retail centres across Poland, held by the Cromwell Polish Retail Fund (CPRF), to Star Capital Finance for €285 million.
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The date of closing the deal
15 May 2024
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Value of the transaction (in EUR)
285000000
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Yield
Not disclosed in the press release
The portfolio totals more than 219,000 sq m and includes rights in six shopping centres: Janki in Warsaw, Kometa in Toruń, Korona in Wrocław, Tulipan in Łódź, Ster in Szczecin and Rondo in Bydgoszcz. The occupancy of the portfolio exceeds 95%, with anchor tenants including Auchan, Bi1, LPP Group, Inditex Group, CCC Group, Rossmann, RTV EURO AGD and Cinema City. |
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Seller, plus brief information about the company
ABOUT CROMWELL PROPERTY GROUP
Cromwell Property Group (ASX:CMW) (Cromwell) is a real estate investor and fund manager with operations on three continents and a global investor base. As at 31 December 2023, Cromwell had total assets under management of €7.0 billion across Australia, New Zealand and Europe. In Europe, Cromwell manages €3.9 billion of real estate assets across a variety of funds and mandates, encompassing over 165 assets and 1,560 tenants. Cromwell’s strength lies in its real estate expertise drawn from 200+ people in 14 local offices across 12 European countries. www.cromwellpropertygroup.eu |
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Consultancy which advised Seller
JLL, BNP Paribas RE, Greenberg Traurig, PwC Polska and CBRE Project Management & Building Consultancy
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Purchaser, plus brief information about the company
Star Capital Finance
https://www.scfinance.cz/ |
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Consultancy which advised Purchaser
Please contact the Purchaser
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Financing institution
Please contact the Purchaser
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Current occupancy level
95
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Please say why this deal should be considered for the award
This was the largest retail investment / divestment transaction in Poland / CEE for a long time now and it contributed to further unlocking the investment appetite for shopping centres in Poland / CEE
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