Cromwell European Real Estate Investment Trust (“CEREIT”) has completed the acquisition of the Business Garden business park in Poznań, Poland for €88.8 million from Vastint Poland. The property will be managed by Cromwell Property Group, through its integrated European investment management platform.
With a total lettable area comprising 42,267 sqm 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 centre, close to a large shopping centre. 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.
Karol Pilniewicz, Head of CEE at Cromwell, said: “Poznań is the fifth largest city in Poland and one of the wealthiest, making it a very attractive location for domestic and international occupiers and investment. We are currently experiencing a lot of interest in the Polish market from international and Asian investors in particular.”