Australian real estate investor Cromwell Property Group has continued its recent run of activity by selling Cestlice Business Park in Prague for €17.5 mln.
The asset, located in the Pruhonice commercial zone, was part of the Cromwell European Industrial Fund (CEIF) portfolio. The property is fully let to national and international businesses including Potten & Pannen, Cummins, Fiat, Steilmann, Formica and Bizerba.
The deal follows the sale by Cromwell of an office building in Helsinki to Corpus Sireo for €28 mln and the purchase of a 27-storey office tower in Rotterdam for €47.6 mln, both announced this week.
Karol Pilniewicz, head of CEE for Cromwell Property Group, said: ‘Cestlice Business Park is a good example of an asset we took on three 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.’
Cromwell manages €981 million of assets in the CEE region across six mandates in the office, retail, industrial and logistics sectors. Across Europe the company manages €4 bn worth of real estate across approximately 260 assets.