Immofinanz takes control of massive business park in Warsaw

Austrian listed property investor Immofinanz has taken control of the remaining 50% it did not already own in Poland's largest office scheme, Empark Mokotov Business Park.

CEE specialist Immofinanz is buying the stake from co-investor Heitman's European Property Partners III fund for an undisclosed amount.

Empark is one of the largest connected office sites in CEE, encompassing nine buildings with a total of 117,000 m2 of rentable space located close to the airport. Tenants include numerous major international companies from the chemical, IT, food, and banking industries.

'The full takeover of Empark will strengthen our standing investment portfolio and sustainable cash flow in Poland, which is one of our growth markets. The business park also offers attractive opportunities for development over the coming years,' commented Oliver Schumy, CEO of Immofinanz.

Immofinanz took over the complex as part of its acquisition of Immoeast which developed the building together with Heitman between 1996 and 2006. Closing of the deal is expected for September 2015.

Following this transaction, Immofinanz owns a total of 19 office schemes in Warsaw with 270,000 m2 of rentable space.