Austrian-based property investor Immoeast has sold its Mistral and Passat office buildings in Warsaw to the Vienna Insurance Group. The parties agreed not to reveal the transaction price. Immoeast had acquired Mistral in January 2006 and Passat in March 2007.
Austrian-based property investor Immoeast has sold its Mistral and Passat office buildings in Warsaw to the Vienna Insurance Group. The parties agreed not to reveal the transaction price. Immoeast had acquired Mistral in January 2006 and Passat in March 2007.
Together the two properties, which are fully let, have a total of 23,300 m2 of usable office space. The buildings are directly adjacent to one another and situated in a first-rate location in the Jerozolimskie Corridor, one of the strongest growing office locations in the Polish capital. Important advantages of this location are good transport connections to the centre and airport as well as good infrastructure.
The by far biggest tenant is the Polish insurance company Compensa, which belongs in turn to the Vienna Insurance Group. Among the additional tenants are a series of international companies including the Korean electronics firm LG Electronics. 'The extremely solid development of the rental market in Central Europe, particularly in Warsaw, has had a very positive impact. Consequently, the interest of institutional investors and the transaction volume on the real estate investment market have noticeably increased,' Immoeast Director General Karl Petrikovics said.
