Singapore-based Cromwell European Real Estate Investment Trust (CEREIT) revealed that it has bought the Business Garden, a business park in Poznań, Poland, for 88.8 million euros ($99 million).
CEREIT purchased the business park, which has a total lettable area comprising 42,267 square meters of office space, from real estate developer Vastint Poland.
The business park is fully-let, with a weighted average lease length of 3.2 years, to several tenants including CapGemini, GlaxoSmithKline, MAN Group, and Santander Group.
As part of the transaction, the asset will be managed by CEREIT’s sponsor, Cromwell Property Group, via its integrated European investment management platform.