Madison International Realty has bought a stake in a €100m office building in Poland’s capital city.
The real estate private equity firm said it has acquired the stake in the newly developed Chmielna 89 building in Warsaw from the Cavatina Group.
The 25,000sqm Chmielna 89 building is fully let on a ten-year lease.
Matthias Cordier, managing director at Madison International Realty, said: “We are strong believers in both the strength of the prime Warsaw office market and, more generally, the important role we believe the office will continue to play in the daily working lives of people post COVID.
“This acquisition further extends our Polish portfolio, following our purchases of a 66% stake in Capital Park last year and our investment into the ELI logistics platform. The transaction is typical of our investment approach whereby we find partners wishing to partially exit their investments in order to recycle capital to in other projects and we now look forward to working with the Cavatina team.”
Łukasz Żelezik, executive director - leasing, Cavatina Holding, said: “The sales contract for the Chmielna 89 building is our first joint transaction with Madison. We hope that this is just the beginning of fruitful cooperation between both companies.”
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