Real estate investor and fund manager Cromwell Property Group (ASX:CMW) (Cromwell or Group) today announced the sale of six retail centres across Poland, held by the Cromwell Polish Retail Fund (CPRF), to Star Capital Finance for €285 million.
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.
Since acquiring the portfolio in 2019, Cromwell has implemented extensive asset management initiatives across the properties, significantly improving occupancy and footfall levels. The Group will continue to act as asset manager of the shopping centres on behalf of Star Capital Finance.
Cromwell has also exercised ambitious sustainability programmes at the assets, with the portfolio achieving a record overall GRESB score of 90 and a five-star rating in November 2023.
Source: press release