Investment Management

Cromwell’s approach to investment management is driven by our bottom-up House View process which clearly defines what we believe are the compelling investment opportunities within the markets in which we operate.

Our Investment Management team keeps a close eye on the local market, to strategically source and transact on opportunities within Germany with the goal of maximising returns for our investors.

Our structured investment method encompasses thorough local market and economic research, tenant information and property analysis which is managed through a vigorous and detailed technical, environmental, financing, structuring and legal due diligence process.

We proactively approach owners, developers and municipalities in the German market, as well as maintaining excellent relationships with national and local brokers, to source deals where we can “buy smart, add value, sell smart”.

In Germany we are currently actively seeking high quality real estate investments in the office, retail and industrial distribution warehouse / smaller logistics sectors.

To understand more about our investment criteria, please contact our German team.

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’.