PL

More Cromwell in CPRF

Investment & finance
POLAND Cromwell Property Group has bought out the outstanding stake in its Cromwell Polish Retail Fund (CPRF) after exercising its right of first purchase to acquire the third-party investor interest in the fund.

Cromwell acquired the management of the fund in 2013 from GE Capital Real Estate together with its original investment.

The fund comprises seven shopping centres with a gross asset value of around EUR 600 mln. Since taking over the management of the fund, Cromwell has completed several several refurbishments and expansions, as well as numerous leases including a 170,000 sqm deal with Auchan and Schiever Polskasigned in 2015.

“We propose to rollover the acquired interests into a new fund which will be offered to capital partners and intend to initially underwrite the fund for the purposes of taking a co-investment stake. We have two months in which to conclude the acquisition and a further update will be provided in due course,” said Cromwell CEO Paul Weightman

Cromwell continues to execute its ‘Invest to Manage’ strategy which involves investing capital to acquire assets, create new funds and sell on to capital partners. “We have 34 professionals on the ground in the CEE, managing 21 assets with more than 660 tenant customers and over 758,000 sqm of space,” said Paul Weightman.

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