Deutsche Asset & Wealth Management (DeAWM) has acquired the Metropolitan office building in the centre of Warsaw from Aberdeen Asset Management Deutschland. The investment volume was not disclosed but PropertyEU has learned it was close to €200 mln.
Deutsche Asset & Wealth Management (DeAWM) has acquired the Metropolitan office building in the centre of Warsaw from Aberdeen Asset Management Deutschland.
The investment volume was not disclosed but PropertyEU has learned it was close to €200 mln.
The transaction comes six months after DeAWM acquired the 40-storey Rondo 1 office tower in the centre of the Polish capital, from Blackrock for about 300 mln.
Cushman & Wakefield and JLL represented Aberdeen in the sale of the Metropolitan building.
Metropolitan occupies a prominent position in the heart of Warsaw’s city centre on Pi³sudski Square. It is the capital’s most prestigious and internationally renowned trophy office building. Constructed in 2003 according to Sir Norman Foster’s design, Metropolitan has received a number of prestigious awards, including the MIPIM Award 2004 in the Business Center category, and RIBA Worldwide Award.
THE BUILDING
The scheme was developed by Hines and received 'Very Good' rating in BREEAM sustainability certification system in 2013, organised by Cushman & Wakefield, the building’s property and asset manager since 2006.
Metropolitan provides 38,000 m2 of leasable area (office: 33,560 m2, retail: 3,655 m2) arranged over seven floors grouped in three separate yet connected buildings, each with its own separate reception area, and two underground parking levels.
The central courtyard of Metropolitan provides the social focus of the scheme and is lined with cafes, restaurants and luxurious stores. At its centre is an innovative water fountain surrounded by mature red oak trees. The property is let to 45 multinational companies and institutions, active in financial, legal, consultancy and real estate sectors.
COMMENT
Bernd Bechheim, head of Asset Management and Transactions, Continental Europe of Aberdeen Asset Management Deutschland, said, 'Metropolitan is a stunning building that has performed strongly over the holding period. The completed transaction proves again the quality of our portfolios and forms a major step in restructuring our business towards new mandates.'
Soren Rodian Olsen, head of Office & Industrial Investments at Capital Markets of Cushman & Wakefield in Poland, added, 'Metropolitan boasts an impressive occupancy rate and is expected to continue outperforming its rivals on the Warsaw market. This is a unique investment transaction in a unique location within Warsaw’s CBD.'
