CB Richard Ellis has advised IVG on the sale of Horizon Plaza Office Complex in Warsaw, Poland, for around EUR 102 mln to German open-ended fund Union Investment. In a press release, the adviser said the deal was the largest commercial real estate transaction this year in Poland and as such 'reflects the increased confidence and investor interest in high-quality assets in core Central European markets'.
CB Richard Ellis has advised IVG on the sale of Horizon Plaza Office Complex in Warsaw, Poland, for around EUR 102 mln to German open-ended fund Union Investment. In a press release, the adviser said the deal was the largest commercial real estate transaction this year in Poland and as such 'reflects the increased confidence and investor interest in high-quality assets in core Central European markets'.
Przemyslaw Lachmaniuk, Senior Consultant, Capital Markets, Poland, CBRE, said: 'The successful disposal of Horizon Plaza demonstrates the continuing commitment of institutional investors to the Polish property market. Furthermore, given its size and prominence, the transaction represents a benchmark for the investment market in Central and Eastern Europe in 2010.'
The property consists of one 11-storey building and one seven-storey building offering a total of 32,700 m2 of office space, a retail area, 3,200 m2 of storage space as well as an underground garage and outside parking spaces.
The occupancy level of the office and retail spaces comes to 90%. Tenants include Nokia Siemens Network, Getin Noble Bank, Pekao Bank Hipoteczny SA and WestLB Bank Polska.
Horizon Plaza is the second property Union Investment has acquired in Poland for its open-ended property fund UniImmo Global. In October 2008, Union Investment acquired a shopping centre on behalf of the fund in the southern Polish city of Katowice for EUR 95 mln.
'The acquisition of Horizon Plaza fits perfectly into our investment strategy of generating higher income in 'core-plus' countries', said Dr. Karl-Joseph Hermanns-Engel, a board member at Union Investment Real Estate.
IVG has its own branch in Poland and wants to expand its presence in the country in the near future. The firm manages a further seven office and retail properties in Poland.