Immoeast has sold the Salzburg Center building in Warsaw to German open-ended real estate fund SEB Global Property Fund for EUR 41mln. The 10,660 m[sup]2[/sup] Salzburg Center is located in the booming office district of Mokotow on the edge of the Central Business District (CBD) of the city. The Class A building has parking facilities for about 100 cars. Major tenants in the fully-let property are Credit Suisse Asset Management, Deutsche Bank, TPA Horwath and PKO Bank.
Immoeast has sold the Salzburg Center building in Warsaw to German open-ended real estate fund SEB Global Property Fund for EUR 41mln. The 10,660 m2 Salzburg Center is located in the booming office district of Mokotow on the edge of the Central Business District (CBD) of the city. The Class A building has parking facilities for about 100 cars. Major tenants in the fully-let property are Credit Suisse Asset Management, Deutsche Bank, TPA Horwath and PKO Bank.
Immoeast, which completed the project in 2007, said that the sale price compares to a book value of some EUR 35mln. The CEE developer and investor disposed of a total of five properties in the Czech Republic, Poland and Estonia in the 2007/08 business year, representing a total sales volume of EUR 250mln. The company added it is currently negotiating the sale of additional properties worth some EUR 300mln. 'These successful sales show that the valuations of our portfolio made by external appraisers are very conservative,' said Immoeast CEO Karl Petrikovics.
