US developer Hines has sold the Proximo I office building in Warsaw to a fund managed by Czech investor Reico for €116.6 mln.
Proximo I is one of two A-class office blocks in the Proximo complex in the fast-developing Wola district on the outskirts of Warsaw’s Central Business District. Officially opened in June 2016, it is located next to the Rondo Daszynskiego metro station in Warsaw and is currently 95% leased.
The 12-storey property comprises a total 28,385 m2 of space including around 2,000 m2 of retail space on the ground and first floors. The building also has a three-level underground car park with spaces for 435 vehicles. Stanley Black & Decker is the largest tenant with 17% of the space and other tenants include Grupa Pracuj and Takeda.
‘The acquisition of Proximo I from a renowned developer like Hines represents an important step towards diversifying our regional risk exposure,’ said Tomáš Jandík, chief investment officer at Reico IS CS. ‘With the purchase of Proximo 1, we’ve gained access to the kind of prime product that is ever harder to come by in our home markets of the Czech Republic and Slovakia.’
Pbb provides €66m financing
German lender pbb Deutsche Pfandbriefbank is providing a €66 mln loan to finance the acquisition of the property, which was held in the portfolio of Hines Russia & Poland Fund.
Charles Balch, head of international clients, UK & CEE at pbb Deutsche Pfandbriefbank, said: ‘We are very pleased to support Reico IS CS in this Polish office acquisition, and we are looking forward to other transactions with them, both in Poland and the Czech Republic. The deal underlines our continued strong interest in the CEE real estate markets, and Poland in particular.’
Hines was represented in the transaction by Cushman & Wakefield, Crido and Dentons while Reico was advised by CBRE, CMS, TPA and DIL.
