ING Real estate Investment Management has agreed to acquire a 50% stake in Wars Sawa & Junior, a retail and office premises in the Polish capital Warsaw. The property, consisting of 30,000 m[sup]2[/sup] of prime retail space, is located on Marszalkowska Street - one of the main streets in the heart of Warsaw. The tenants of the fully-leased property include international and Polish brands, such as H& M, Zara, C& A, Galeria Centrum and Empik.
ING Real estate Investment Management has agreed to acquire a 50% stake in Wars Sawa & Junior, a retail and office premises in the Polish capital Warsaw. The property, consisting of 30,000 m2 of prime retail space, is located on Marszalkowska Street - one of the main streets in the heart of Warsaw. The tenants of the fully-leased property include international and Polish brands, such as H& M, Zara, C& A, Galeria Centrum and Empik.
The closing of the transaction is planned for the first quarter of 2007 when the property will be contributed to the portfolio of ING's Property Fund Central and Eastern Europe (PFCEE). The financial details of the transaction were not disclosed.
Separately, the website of Property Week reported ING UK Real Estate Income Trust has bought a mixed-use portfolio of eight properties for EUR 125.5 mln (EUR 185.8 mln) from US fund Nivian Unit Trustees and Merbook Trust Investors. The ING trust subsequently sold one property.
