ING sells Warsaw’s EUR 475m iconic Zlote Tarasy scheme

ING Real Estate Development has sold its 77% interest in the owner of Warsaw's landmark Zlote Tarasy mixed-use property development in a deal which reduces its exposure to real estate by EUR 475 mln.

A fund managed by AXA Real Estate and CBRE Group's Property Fund Central Europe unit and in which Unibail Rodamco is a limited partner bought the stake in the complex located opposite Warsaw central railway station. Financial details were kept confidential.

'This is the final step in a project which we have been involved in for the past 14 years,' Hein Brand, chief executive officer of the development arm of Dutch financial giant ING. 'The sale marks an important milestone in ING’s strategy to reduce its exposure to real estate.'

The city of Warsaw owns the rest of the complex.

Zlote Tarasy, opened in 2007, provides more than 225,000 m² consisting of 66,200 m² GLA of retail and 47,300 m² GLA of office space. Zlote Tarasy has 1,600 parking places and receives over 20 million visits per annum.

The transaction puts an end to a saga which started five years ago when ING RED was not able to fulfil its obligations to sell a 50% stake to Unibail Rodamco due to delays in the transfer of the interest held by the Warsaw municipality.