Chicago-based investor Heitman has officially announced the long-rumoured acquisition of Marynarska Business Park, a Class-A office complex in the Mokotow District of Warsaw.
Chicago-based investor Heitman has officially announced the long-rumoured acquisition of Marynarska Business Park, a Class-A office complex in the Mokotow District of Warsaw.
The vendor is German open-ended real estate fund Degi International, managed by Aberdeen Immobilien KAG. Although the financial details were not disclosed, it is estimated that the transaction is worth around EUR 120 mln.
German lender pbb Deutsche Pfandbriefbank provided a EUR 69 mln senior facility for the acquisition of the business park.
Marynarska Business Park was acquired for Heitman European Property Partners IV (HEPP IV). Built in 2008, the asset comprises 45,800 m2 and is fully leased to a mix of large national and international tenants including Netia, Play, Colgate, Tebodin and SC Johnson.
The property is HEPP IV’s fourth acquisition in Poland.
Rob Reiskin, Heitman's managing director and co-head of Europe said the asset 'is a strong example of the group's value added strategy of acquiring fundamentally strong properties and enhancing returns through active asset management.'
Launched in 2008, HEPP IV has EUR 505 mln in equity commitments and is entering its final year of deploying capital across Central and Eastern Europe.
Earlier this year Heitman bought a 70% stake in Galeria Tarnovia and took control of a new retail development project in Jelenia Gora from TK Development. Sources say the investor is now in talks to buy a portfolio of four-five malls from GE Capital Real Estate, as well as two other malls - Karolinka in Opolu and Pogoria in D¹browie - from MGPA.
MGPA bought the assets in 2009 for EUR 187 mln.
Click on the link below to read: Pbb finances Heitman deal in Warsaw
