Singapore's CEREIT pays $89 mln for two Polish office buildings

Singapore-based Cromwell European Real Estate Investment Trust (CEREIT) has paid 80 million euros ($89 million) to acquire two office buildings, totalling 34295 square meters of space, in Krakow, Poland.

CEREIT paid $58 million to buy the Green Office, a freehold, predominantly office building, which is fully let to Motorola Solutions Systems and UBS Krakow. The asset is located in Krakowski Park Technologiczny Special Economic Zone.

Additionally, the firm also purchased the second property, Avatar, a predominantly office building, that is fully let to BGŻ BNP Paribas, for $31 million.

The properties, which CEREIT bought from Brassa SP, will be managed by CEREIT’s sponsor, Cromwell Property Group, via its European investment management platform.