Europa Capital has sold City Point distribution park in Warsaw to fund manager Morley for almost EUR 72 mln. The park is said to be the largest metropolitan distribution park in Central Europe.

Europa Capital has sold City Point distribution park in Warsaw to fund manager Morley for almost EUR 72 mln. The park is said to be the largest metropolitan distribution park in Central Europe.

The pan-European property investment managers were partnered by Integrated Finance Group and Warimpex Finanz und Beteiligungs when Europa Capital bought the site in December 2004. A subsequent investment of EUR 5 mln resulted in a refurbished, restructured park of warehouse and office space with 95% tenancy. Major tenants included Colgate Palmolive, South African Breweries and Polish insurers PZU.

Simon Hooper, asset manager for Central Europe at Europa Capital, commented: 'The sale of City Point represents the culmination of a two-year year programme of concentrated asset management by Europa Capital and its partners that has added significant value to the investment. The sales price, giving the purchaser an initial yield in the order of 6.2%, demonstrates the attractiveness of institutional income-producing products in this real estate sector in the current investment market.'