CEE developer HB Reavis has acquired the Konstruktorska office development site in the Mokotow business district of Warsaw. The vendor is the local real estate unit of Spanish conglomerate Acciona. The property has a building permit for a 45,000-m[sup]2[/sup] office scheme.
CEE developer HB Reavis has acquired the Konstruktorska office development site in the Mokotow business district of Warsaw. The vendor is the local real estate unit of Spanish conglomerate Acciona. The property has a building permit for a 45,000-m2 office scheme.
The financial details of the transaction were not disclosed. Warsaw-based CB Richard Ellis Development Consultancy Team, together with the CBRE Spanish office, acted for Acciona and identified the buyer.
CBRE said that this is the first acquisition by HB Reavis in Poland following recent investments in the Prague office market and highlights the Slovak developer’s intention to become a major player on the Polish commercial property market. Construction will start in Q1 2011 and the first phase will be completed towards the end of 2012.
'This transaction exhibited the quality investor’s desire for well located sites, with great potential,' said Mikoùaj Martynuska, director of CBRE Development Consultancy Team.
Acciona's property division entered Poland through the acquisition of Mostostal Invest in 2005. The name of the Polish unit was changed to Acciona Nieruchomosci the following year.
