Cromwell Property Group, the real estate investor and manager, has sold the Cestlice Business Park in Prague for €17.5 million. The asset was part of the Cromwell European Industrial Fund (CEIF) portfolio.
Located at Obchodni 110, 126, 132 and 134 in the Pruhonice commercial zone, East Prague, the 14,707 sq m multi-let business park comprises a range of warehouse, retail, office and small business units. The property is fully let to a range of national and international businesses including Potten & Pannen, Cummins, Fiat, Steilmann, Formica and Bizerba.
Karol Pilniewicz, head of CEE for Cromwell Property Group, commented: “Cestlice Business Park is a good example of an asset we took on 12 years ago with significant vacancy, subsequently transforming it into a fully occupied business park which is now home to 16 well-known businesses. During the period, we improved net operating income by 15% and increased the weighted average unexpired lease term to six years.”
In CEE, Cromwell manages €981 million of assets across six mandates in the office, retail, industrial and logistics sectors. It also recently entered into a strategic partnership with Linkcity, a member of Bouygues Construction, to invest in the rollout of a portfolio of logistics and light industrial assets in Central and Eastern Europe with a target gross asset valuation of €500 million.