In the two-year period since acquiring the office building for the Cromwell Central Europe Retail Partnership (CCERP), Cromwell has generated more than 21 per cent IRR for investors. The name of the buyer and the purchase price has not been disclosed.
Cromwell’s asset management plan, which included a significant refurbishment and subsequent lettings programme, helped to increase occupancy from 80 per cent to more than 95 per cent. Current tenants include Danske Bank and Mbank.
Developed in 1997, the Warsaw Corporate Centre is a nine-storey 8,628 sqm office building incorporating ground-floor retail, which is located in the centre of Warsaw, close to the Marriott Hotel and Central Station.
Karol Pilniewicz, head of CEE at Cromwell Property Group, says: “The sale of the Warsaw Corporate Centre with significantly improved occupation marks a smart turn-around of a well-located city centre office asset over a two-year period. We are currently experiencing strong demand from international investors looking to deploy value-add capital in the CEE region, with a particular focus on Polish and Czech real estate.”
Dentons represented Cromwell Property Group.
