Adgar makes further investment in Warsaw

Tel Aviv-listed Adgar has purchased a property on Aleja Prymasa Tysi¹clecia in Warsaw's Wola district, on which BMW Inchcape’s showroom and service point are situated. The property comprises over 4,000 m² of leased area on a plot of about 8,000 m².

The financial details of the transaction were not disclosed.

'The purchase of this property in Warsaw is in line with our growth strategy, according to which we will continue to invest in income-producing assets. Our results in the Warsaw market so far, mainly the success of the lease of the office space in our technologically-advanced Adgar Plaza office buildings, are encouraging us to increase our activity in Warsaw. We intend to realize further investments in Poland, and we are currently looking for more land for development in Warsaw,' said Eyal Litwin, Vice-President in Adgar Investments & Development.

Adgar already owns Adgar Plaza, Adgar Business Centre and Adgar Business Centre II office buildings, and Adgar Plaza Conference Centre, all situated in the Mokotów business district of Warsaw.

'This sale of the Inchcape property reflects the high quality covenant of the tenant and the excellent long term development potential of the site,' said Neil Gregory-Eaves of Colliers International, who represented the vendor in the sale.

Adgar Investments & Development acts as the real estate arm of the Zur Shamir Group. In 1994, the Zur Shamir Group purchased Adgar and transformed it into a division specializing in real estate in the Israeli and international markets. The company, both directly and via its subsidiaries, invests in income-producing assets, mainly office space.

Adgar operates in Israel, Canada, Poland and Belgium, and owns 31 income-producing properties with a total area of some 305, 000 m².