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Motorola extends lease at Cromwell E-Reit’s Poland property
CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) on Friday announced that the lease with Motorola Solutions at its Polish property has been extended for another five years to 2026/2027.
The freehold predominantly office property, Green Office, is located in Krakow, Poland. It is fully occupied with a long weighted average lease expiry (WALE), Cromwell E-Reit’s manager said on Friday.
Following the lease extension, Motorola Solutions will be among Cromwell E-Reit’s top 10 tenants, and the fifth-largest contributor to the gross rental income of its portfolio.
Green Office houses the American multinational telecommunications firm’s main Polish operations, which comprise its software design centre, finance shared service centre, and other departments that form part of its international teams.
Simon Garing, chief executive officer of the Cromwell E-Reit’s manager, said: “We are pleased that Motorola Solutions has confirmed its long-term commitment to Green Office, demonstrating the attractiveness of the asset’s high quality and location in a leading technology zone in Krakow.”
In June, Cromwell E-Reit announced it would acquire the property, along with five other freehold office assets in France and Poland, for a total of 246.9 million euros (S$378.2 million). It completed the purchase of the three French properties and two of the Krakow properties including Green Office in July.
The two Krakow properties had a WALE of 5.8 years as at June 30, according to the manager’s bourse filing on July 26.
Units in Cromwell E-Reit were trading at 49.5 euro cents as at 1.59pm on Friday, up 0.5 cent or 1.02 per cent.