Czech investor CPI Property Group (CPIPG) has acquired an office building in Warsaw, Poland.
Financial details were not disclosed.
The Equator IV property comprises more than 20,800 m2, with 226 parking spaces. Situated in Aleje Jerozolimskie, in Warsaw's Ochota district, the property is 90% occupied, with good public transport links to the city centre.
The vendor in the transaction was Kerimpol Group, which developed the building in 2018.
CPIPG is on a €800 mln office investing spree between Q4 of this year and early 2020, the company said.
Welcoming the deal, Tomas Salajka, head of acquisitions and asset management for CPIPG, said: ‘We are pleased to complete the purchase of Equator IV, which is a high-quality addition to our existing Warsaw office portfolio. Our acquisition pipeline in Poland is robust and we expect to announce more transactions in the coming weeks and months.’
Harald Jeschek, managing partner of Karimpol Group, said: 'Today marks another important moment in the history of Karimpol Group in Poland. The sale of Equator IV to CPI Property Group proves that the commitment to quality pays off and helps to attract high profile long-term investors.
'We are confident this building with its excellent tenant roster will gain in value and will be a perfect addition to the impressive CPI Property Group portfolio in Poland.'
JLL the investment manager advised CPIPG in the transaction.
Commenting on the deal, Slawomir Jedrzejewski, senior director, office and industrial investment at JLL, said: 'The acquisition of the Equator IV building illustrates the attractiveness and strength of the office sector in the country's capital.
‘Its potential, however, can be seen not only by the strong activity from investors, but also by the fact that a number of them are consistently expanding their portfolios with Polish assets. A good example of this is the Czech CPI Property Group fund, which sees Poland as strategically important for its expansion plans.’
