Cromwell Property Group today announces the sale of six retail centres across Poland, held by the Cromwell Polish Retail Fund for €285 million / $465 million, which is in line with asset valuations announced at HY24 results. The purchaser, SCF, is a diverse real estate investor based in Prague, Czechia.
This follows the sale of Cromwell’s 50% share of its joint venture retail asset in Ursynów, Poland, which completed on 29 February 2024, to joint venture partner Unibail Rodamco for €41.5 million / $69 million.
These transactions are a crucial step in the Group’s continued simplification through the sale of non-core assets to de-risk the business, reduce gearing and realign to Cromwell’s core fund and asset management capabilities.
Upon completion of the sale of CPRF, Cromwell will have completed $1.1 billion in asset sales since commencement of the Group’s asset sale programme in late 2021, positioning the Group to explore value accretive opportunities and continue its transition to a capital-light funds management model.
Source: cromwellpropertygroup.com on the 16th of May, 2024
https://www.cromwellpropertygroup.com/cromwell-sells-polish-retail-fund/