WARSAW – 16 May 2024 – Greenberg Traurig represented Cromwell Property Group in the transaction related to the sale of a real estate portfolio consisting of six retail centers located in Warsaw, Szczecin, Wrocław, Łódź, Toruń and Bydgoszcz to Star Capital Finance.
The value of the transaction amounted to EUR 285 million.
The portfolio totals more than 219,000 sqm and includes six shopping centres: Janki in Warsaw, Kometa in Toruń, Korona in Wrocław, Tulipan in Łódź, Ster in Szczecin and Rondo in Bydgoszcz. The occupancy of the portfolio exceeds 95% with anchor tenants including Auchan, Bi1, LPP Group, Inditex Group, CCC Group, Rossmann, RTV EURO AGD and Cinema City. Cromwell Property Group will continue to act as asset manager of the shopping centres on behalf of Star Capital Finance.
The Greenberg Traurig team was co-led by Local Partner Małgorzata Kercz and Counsel Karol Lewandowski, who were supported by Associate Paulina Horodeńska-Wieczorek and Junior Associate Hanna Żaboklicka. The transactional team also included Local Partner Justyna Szwech.
Partner Maciej Jodkowski provided strategic advice and supervised all work on the transaction.
“Congratulations to Cromwell on the successful completion of this landmark transaction. We are delighted to have assisted our Client on such a significant deal on the Polish retail property market and we are looking forward to working together on future projects,” said Maciej Jodkowski, Partner in the Real Estate Practice.
Cromwell Property Group (ASX:CMW) (Cromwell) is a real estate investor and fund manager with operations on three continents and a global investor base. As at 31 December 2023, Cromwell had total assets under management of EUR 7.0 billion across Australia, New Zealand and Europe.