Austrian listed property group CA Immobilien Anlagen has signed a preliminary agreement to sell the Lipowy Office Park in Warsaw for €108 mln.
Austrian listed property group CA Immobilien Anlagen has signed a preliminary agreement to sell the Lipowy Office Park in Warsaw for €108 mln.
Kimberley, a special purpose vehicle reportedly controlled by US-listed REIT WP Carey, is taking over the complex which provides 40,000 m2 entirely let to Bank Pekao.
The four buildings arranged around an inner courtyard were completed in 2009 and have been owned since that time by Europolis, which was taken over by CA Immo in early 2011.
The transaction is expected to close in the first quarter of 2014.
Colliers International and Allen & Overy acted as advisers to the vendor.
In December, CA Immo took over the remaining stake it did not already own in the P1 portfolio in Warsaw from business partner AXA Real Estate’s Immoselect open-ended fund in liquidation.
The total market value of the portfolio was €280 mln, according to the last appraisal carried out in September 2013.
The portfolio comprises the Sienna Center, Saski Crescent, Saski Point, Bitwy Warszawskiej and Warsaw Towers office properties, which offer a combined usable space of around 125,000 m2. Four of the buildings are located in Warsaw’s Central Business District (CBD).