ING Real Estate has purchased two office buildings in Warsaw from Belgian developer Ghelamco Group for EUR 167 mln. The buildings are earmarked for the portfolio of ING Property Fund Central and Eastern Europe, a semi-open ended fund that was launched in December 2006.
ING Real Estate has purchased two office buildings in Warsaw from Belgian developer Ghelamco Group for EUR 167 mln. The buildings are earmarked for the portfolio of ING Property Fund Central and Eastern Europe, a semi-open ended fund that was launched in December 2006.
The acquisition includes the 20,525 m2 Prosta Office Centre located in the central business district of Warsaw. The building is fully leased and the tenants include Presspublica, Caterpillar, Raiffeisen Leasing, Roedl&Partners, La Caixa and Matrix Infovide. The second asset is Trinity II, a two-building office complex in the Mokotów Business District of Warsaw. The property comprises about 24,000 m2 of office space, 1,500 m2 of storage space and nearly 700 parking places. Trinity II is fully leased to leading international companies including Fortis Bank, Sygma Bank, Olympus, Axel Springer and Pliva.
Martin Sabelko, Managing Director at ING RE Investment Management Central & Eastern Europe said, 'It is our largest office transaction so far in Central & Eastern Europe, adding substantial value to the fund. The acquisition raises the fund's assets under management to EUR 435 mln, almost 44% of the targeted investment volume (for a three-year commitment period) since its launch only six months ago.'
