Cromwell Property Group has exercised its pre-emptive right to acquire a third-party investor interest in the Cromwell Polish Retail Fund (CPRF), which it has managed since acquiring the investment and asset manager from GE Capital Real Estate in 2013.
The fund contains seven catchment dominating shopping centers with a gross asset value of €600 million ($665 million).
Since taking over the management of the fund, Cromwell has completed several major asset management initiatives, including several refurbishments and expansions, as well as numerous lettings including a 170,000-square-meter (1.8 million-square-foot) deal with Auchan and Schiever Polska across eight long-term leases in 2015.
Poland has been Europe’s fastest-growing economy over the past five years and has one of the highest expected growths in disposable income, consumer spending and retail sales globally.
“We propose to rollover the acquired interests into a new fund which will be off
