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Cromwell sells 6 shopping centers in Poland to a Czech investment fund for €285 million

COMPANIESCromwell sells 6 shopping centers in Poland to a Czech investment fund for €285 million

Cromwell Property Group has finalized the sale of six shopping centers, including CH Janki. The buyer is a Czech investment fund looking to expand its portfolio of commercial properties in Poland. BNP Paribas Real Estate Poland advised on the transaction.

The sale transaction included a portfolio of six large shopping centers located near Warsaw (CH Janki) and in regional capital cities: CH Korona (Wrocław), CH Kometa (Toruń), CH Tulipan (Łódź), CH Ster (Szczecin), and CH Rondo (Bydgoszcz). These properties are well-known within their local communities, boasting prime locations, established positions, and a wide range of stores, resulting in high annual visitor indexes. CH Janki alone offers customers 61,000 square meters of retail space, including 131 stores, 20 restaurants, 34 service points, and over 3,000 parking spaces.

The total amount of modern retail space sold is over 220,000 square meters. The properties changed hands for €285 million.

Until now, the centers were owned by Cromwell Property Group, a real estate investor and fund manager operating across three continents with a global investor base. As of December 31, 2023, the company managed assets worth €3.9 billion in Europe, encompassing over 165 assets and 1,560 tenants.

The buyer, a Czech investment fund, already owns similar properties in the Czech Republic. As part of its strategy, the company has targeted the Polish market due to favorable investment conditions in the retail real estate segment. The buyer appreciated the established position, locational accessibility, and strong performance of the centers.

During the sale transaction, Cromwell Property Group was represented by BNP Paribas Real Estate Poland.

“We have observed that in recent quarters, foreign investors’ interest has been primarily focused on retail park assets. It is worth noting the significance of this large transaction involving six leading and very well-performing larger shopping centers in their respective categories and locations. We are pleased to have actively supported this complex sales process. It is a good investment decision, and we congratulate both parties on their success. Acquiring an investor from the CEE region bodes very well for the Polish investment market and confirms the trend of capital inflow from this part of Europe,” says Mateusz Skubiszewski, Head of Capital Markets, BNP Paribas Real Estate Poland.

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