Hines acquires Warsaw office

Hines has acquired the New City office complex in Warsaw from Polish developer Europejskie Centrum Inwestycyjne (ECI Group).

The purchase was carried out by Hines' Global REIT vehicle and is its second acquisition in Poland to date. Financial details were not disclosed.

The two-building complex comprises some 44,700 m2 and is fully leased to 51 tenants including Gruner+Jahr, Novartis and Samsung.

The Class A office buildings, New City and NC2, are located on 15 Marynarska Street in the centre of Mokotow, Warsaw's largest office district. The connected properties offer retail space on the ground floor and 1,291 parking spaces on three levels.

Hines Poland will serve as asset manager and property manager on behalf of Hines Global REIT.

Jerzy Leskowicz, president of ECI Group, said the process of selecting a purchaser for New City and NC2 was 'extensive'. 'In Hines we have found a highly reputable and capable investor,' he added.

ING Bank is providing financing to Hines Global REIT for the acquisition.

CBRE represented the buyer and Cushman & Wakefield represented the seller in the transaction.

Hines is currently active in Poland with the Hines Russia and Poland Fund, an opportunistic vehicle raised in 2012 with institutional investor capital.

The ECI Group has been active in the Polish real estate sector for over 12 years and is a leading developer in the Warsaw commercial real estate market.

To date the company has realised more than 150,000 m2 of commercial - mostly office - space.