Adgar buys Warsaw office building

Castle Carbery Properties, acting on behalf of Mazovia Holdings II, has sold the Cirrus office building in the Mokotów District of Warsaw, to a subsidiary of Tel Aviv-listed real estate investor Adgar Investments & Development.

Cirrus is a modern office building with a total leasable area of 14,007 m2. It will now be called Adgar Wave. The financial details of the transaction were not disclosed.

The property, located across the street from Galeria Mokotów, is leased by international tenants, such as GlaxoSmithKline, Alcatel Lucent, Regus, Deutsche Bank, Millennium Bank and Mercury Engineering.

Michael Scully from Castle Carbery Properties said: 'Castle Carbery Properties is delighted to deliver a successful and profitable sale in accordance with the lifetime of the fund. The successful sale of Cirrus confirms the continued demand among institutional investors for modern, well-leased office assets in Warsaw.'

Colliers International acted as the exclusive sale agent for the vendor.

ADGAR
This is the Adgar group’s sixth investment in Warsaw. Its other assets in the Polish capital include Adgar Plaza Complex on Postêpu St., Adgar Business Centre II (ABC II) on Konstruktorska St., Adgar Park West on Jerozolimskie Ave. and BMW Inchcape on Prymasa Tysi¹clecia Ave.

´After the purchase of Adgar Park West last year, which is now being re-imagined and undergoing a complete transformation, we were interested in acquiring another office investment in an attractive Warsaw location,´ said Eyal Litwin, CEO of Adgar in Poland.

´We planned to purchase an existing project and increase its market value, making use of Adgar’s experience, extensive knowledge of the office market and expertise in the latest technologies. We decided to purchase the Cirrus building, which we have renamed Adgar Wave, because we see it as an excellent investment. The building is 100% leased by renowned international companies and is situated in the capital’s most important business district.´

Adgar Investments & Development acts as the real estate arm of the Zur Shamir Group. The company operates in Israel, Canada, Poland and Belgium, and owns 30 income-producing properties with a total area of some 276,000 m2.