Cromwell European Real Estate Investment Trust (CEREIT) has acquired three offices in Poland for €69.4m. The three office properties represent 4.0% of CEREIT’s portfolio and will be managed by CEREIT’s sponsor, Cromwell Property Group, through its integrated European investment asset management platform. With a total lettable area of 34,496m², two assets are located close to the central business district in Warsaw and the other is in Gdansk, one of the largest urban centres in Poland.
The first property, Riverside, is a multi-let office property in Warsaw, let to 16 tenants including RMF FM, Interia, Tchibo, FlixBus and Travelist. Another office complex located in Warsaw at Grojecka 5 is also let to 16 tenants including PKO BP Group and icon. Meanwhile, in Gdansk, the Arkonska Business Park is let to nine tenants, including Bank Zachodni WBK, Assa Abloy Mercor and C-Map Poland.
Karol Pilniewicz, Head of CEE at Cromwell Property Group in Europe, commented: “Our team in Poland has a long track record of acquiring and managing investment opportunities like this portfolio of three offices in Poland. GDP in Poland grew by 4.6% last year, significantly outperforming the average Eurozone rate of 2.5%. With a healthy labour market and low unemployment driving domestic demand for office property, we’re seeing some interesting investment opportunities emerging in the major urban centres like Warsaw or Prague.”