Star Capital Finance, which already operates shopping centres in the Czech Republic and Slovakia, has newly entered the Polish market through the acquisition of six shopping centres for EUR 285 million from global real estate fund Cromwell Property Group.

The portfolio has a total area of 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. Cromwell Property Group, which acquired the portfolio in 2019, has implemented various asset management strategies to increase occupancy and footfall and has achieved over 95% occupancy. Cromwell said it will continue to act as asset manager for these shopping centres on behalf of Star Capital Finance.

Cromwell Property Group is a real estate investor and fund manager with a global presence on three continents. As at 31 December 2023, the company managed €7 billion of assets in Australia, New Zealand and Europe. More recently, Cromwell has been selling assets to reduce debt in response to a challenging operating environment, exacerbated by higher interest rates affecting property valuations.