Cromwell European Real Estate Investment Trust (CEREIT) has completed the acquisition of the Business Garden business park in Poznan, Poland, for €88.8 million ($98.5 million) from Vastint Poland. The property will be managed by CEREIT’s sponsor, Cromwell Property Group, through its integrated European investment management platform.
With a total lettable area comprising 42,267 square meters (454,958 square feet) of office space, the business park is well located within a large academic cluster with more than 110,000 students and 24 universities, as well as being positioned between the international airport and city center, close to a large shopping center. It is fully-let, with a weighted average lease length of 3.2 years, to several occupiers including CapGemini, GSK, MAN Group, and Santander Group.
