Cromwell European Real Estate Trust (CEREIT), a diversified pan-European Singapore-listed REIT, has paid €80 million ($88 million) for two office buildings in Krakow, Poland.
The seller was Brassa SP.
The first property, the 22,954-square-meter (247,074-square-foot) Green Office, is fully-let to Motorola Solutions Systems and UBS Krakow. It fetched €52.2 million ($58 million). The building is located in Krakowski Park Technologiczny Special Economic one, a technology company office area.
The second asset known as Avatar, comprises 11,341 square meters of space, and it is fully-let to BGZ BNP Paribas. It sold for €27.8 million ($30.9 million).
The acquisitions are both fully-occupied with stable income, which complements the CEREIT portfolio, according to Karol Pilniewicz, head of CEE at Cromwell.
“Poland’s office property market currently offers more attractive yield spreads compared to those available in many other European countries as
