Cromwell sells Cestlice Business Park in Prague

Cromwell sells Cestlice Business Park in Prague

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.