Cromwell Polish Retail Fund
The Cromwell Polish Retail Fund is a closed ended fund invested in shopping centres and hypermarket retail assets in Poland. It was acquired in 2013 from GE Capital Real Estate, its Investment Adviser and Asset Manager.
At the time of acquisition, the fund comprised five shopping centres and three hypermarkets, totalling approximately 288,000 sq m and accommodating around 380 tenants.
The acquisition was funded from balance sheet capital reserves and included a co-investment in the Fund alongside its existing investors, thereby aligning the company’s interests to those of its investor partners.
The high-calibre GE Capital Real Estate Poland team, based in Warsaw, who managed the Fund since its inception, joined the Cromwell Central European team, enhancing its platform and capabilities.
This was a significant transaction for the company which enabled it to increase its retail assets under management and grow its presence in the Central European market.