Funds and Mandates

Cromwell’s wholesale funds and mandates are managed on behalf of a range of global institutional investors, pension funds and sovereign wealth clients, banking partners and other third-party capital partners. Cromwell holds co-investment in many of its funds.

Examples of a number of our funds and mandates can be found on our group website here. In Central Europe, Cromwell manages assets in four different funds and mandates.

  • Central European Industrial Fund (CEIF) – a portfolio of multi-let industrial assets in the dynamic Central European market.

  • Cromwell Central Europe Diversified Partnership – a fund launched in 2014 which invests in the retail and office sectors, with an initial target gross asset value of €500 million.

  • Cromwell Polish Retail Fund – a closed ended fund invested in shopping centres and hypermarket retail assets in Poland, comprising eight assets covering approximately 250,000 sq m of space.

  • Wisniowy Business Park – four buildings comprising 40,214 sq m of Warsaw office space which was acquired in 2016 in partnership with Oaktree Capital Management.

Bridge Portfolio

The Bridge Portfolio was a CMBS workout mandate where Cromwell was appointed by the Special Servicer, the Bridge property companies, following a competitive process, to replace the incumbent asset managers of a portfolio of CMBS assets within Windermere X CMBS Limited.

The portfolio comprised six office assets, totalling 190,000 sq m and the mandate required a focused strategy to maximise sustainable value in the portfolio and dispose of the assets at the optimum time.

The German team had a clear remit to increase the weighted average lease term, reposition existing tenants and introduce new tenants, as well as maximise value through the disposal of either individual or portfolios of assets to maximise capital recovery for CMBS note holders.

Upon completion of the asset management and sales process over an 18month period, gross disposal proceeds from the sale were in excess of €320million which was greater than the portfolio’s latest public valuation and a satisfactory outcome for the note holders.

Taurus Portfolio

The Taurus Portfolio previously formed part of the German Retail Portfolio workout mandate which Cromwell was appointed by the corporate service provider, SFM Europe, in 2013 to implement a structured sales process. Cromwell was subsequently reappointed in 2016 to asset manage a portion of the original portfolio.

The original portfolio comprised 28 assets, spread across five federal states ofGermany and let to subsidiaries of Edeka Group, the largest German supermarket operator.

The local team had a clear remit to implement a focused asset management strategy, with asset-by-asset business plans, to extend current leases, reduce void levels and running costs and implement a structured sales process.

The process was completed in three steps. Initially, a portfolio of 15 assets were sold, followed by the sale of two single assets and a smaller portfolio with a regional focus, and finally the disposal of seven cash & carry wholesale markets.

Cromwell was then reappointed by the new owner of the seven cash & carry markets to asset manage this portfolio which is now known as ‘Taurus’.