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Cromwell Property Group sells Warsaw Corporate Centre in Poland

Cromwell Property Group, a leading global real estate investment manager, has sold the Warsaw Corporate Centre in Poland. In the two-year period since acquiring the office building for the Cromwell Central Europe Retail Partnership (CCERP), Cromwell has generated more than 21% IRR for investors.

Cromwell’s asset management plan, which included a significant refurbishment and subsequent lettings programme, helped to increase occupancy from 80% to more than 95%. Current tenants include Danske Bank and Mbank.

Developed in 1997, the Warsaw Corporate Centre is a prominent 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, commented: “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 for the sale. CCERP was launched in 2014 with €200 million of equity to invest in value-add retail and office assets in Central Europe, with a focus in Poland and the Czech Republic.

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