German fund manager Deka Immobilien has acquired an office complex in Warsaw for around €152 mln. The seller is a subsidiary of the listed company Echo Investments, the largest real estate developer in Poland.
The property will be added to the portfolio of the WestInvest InterSelect open-ended real estate fund.
The complex on Grzybowska street comprises Malthouse Offices, a new building completed in 2020, and renovated properties the Malthouse, the Time Cellars and Villa Offices. The multi-tenant property has a lettable space of approximately 30,000 m2 and 180 parking spaces, the majority of which is leased under long-term leases.
The main tenants are the Polish brewery Grupa Zywiec, the international law firm Allen & Overy and the consulting company MDDP. The aim is to have the Malthouse Offices building certified as BREEAM Excellent.
The complex is part of the Warsaw Brewery project development, which comprises a total of over 100,000 m2 of office, living and retail space. The quarter, constructed on the former brewery grounds, is centrally located in the City Centre West submarket.
With this investment, the fund management said it was expanding the portfolio of WestInvest InterSelect in Poland with property in an excellent CBD location that aligns with the overall direction of the portfolio.
