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Cromwell Property acquires investor interest in €600M Polish retail fund

Cromwell Property Group said it exercised its preemptive right to buy out investors in the Cromwell Polish Retail Fund.

The investment vehicle comprises seven shopping centers with a gross asset value of approximately €600 million, according to the company's Aug. 29 earnings release. Cromwell CEO Paul Weightman said the company proposes rolling over the acquired interests into a new fund, which will be offered to capital partners. He added that the company intends to initially underwrite the fund for the purposes of taking a co-investment stake.

Cromwell Property will own a stake of between 20% and 30% in the new trust, IPE Real Estate noted, adding that Weightman expects to bring initial capital partners to the new fund by October.

The company has about €245 million in equity in the closed-ended fund, which is scheduled to be wound up in December, Weightman said. The company will underwrite about the same amount for the transaction prior to the arrival of third-party capital, he added.

Cromwell said it has identified a roughly A$1 billion pipeline of value-add development opportunities in Australia, including its ongoing Seniors' Living redevelopment in Greenway.