CBRE Global Investors has sold two offices in Warsaw on behalf of the Property Fund Central Eastern Europe (PFCEE) for an undisclosed sum.
The assets include the 11 floor Trinity Office Park II (pictured), a 26,127 m2 scheme in the Mokotow district of Warsaw, which was built in 2007. The other property is the Prosta Office Centre, a 21,313 m2 office situated in Warsaw's CBD, constructed in 2006.
'We have completed the business plan for both of these assets and the timing is right for us to sell. Completion of this divestment was a key activity in the business plan for 2016/2017 as the fund reached its scheduled redemption period,' commented Robert Snincak, fund manager, CBRE Global Investors.
'We have been actively recycling capital in CEE and it is one of the most active regions for our business. Our team completed over €1bn of transactions during 2016 and this latest disposal was achieved in line with our business plan,' said John Mulqueen, head of transactions EMEA, CBRE Global Investors. 'We have a significant amount of capital to invest in the region on behalf of our clients during 2017.'
CBRE Global Investors was advised by Clifford Chance and Cushman & Wakefield.
