Cromwell European Real Estate Investment Trust (CEREIT) has completed the acquisition of the Business Garden business park in Poznan, Poland for €88.8 mln from Vastint Poland.
The property will be managed by CEREIT’s sponsor, Cromwell Property Group, through its integrated European investment management platform, the fund said.
'Poznan 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,' said Karol Pilniewicz, head of CEE at Cromwell.
'We are currently experiencing a lot of interest in the Polish market from international and Asian investors in particular,' Pilniewicz added.
With a total lettable area comprising 42,267 m2 of office space, the business park is located within a large academic cluster of more than 110,000 students and 24 universities, as well as being positioned between the international airport and city centre, according to CEREIT.
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.