Invesco Real Estate (IRE) has acquired the 58,800 m2 Plac Unii mixed-use property on the fringe of Warsaw’s central business district for about €226 mln.
Invesco Real Estate (IRE) has acquired the 58,800 m2 Plac Unii mixed-use property on the fringe of Warsaw’s central business district for about €226 mln.
IRE was acting on behalf of German pension funds Bayerische Versorgungskammer (BVK) and Nordrheinische Ärzteversorgung (NAEV) as part of a joint venture deal between the firm’s two German separate account clients. The vendors were Liebrecht & Wood and BBI Development.
The transaction took place on 18 December and was one of the largest deals by volume in Poland during 2014.
Tomas Picha, director of CEE transactions at IRE, commented: 'Our successful acquisition of this prestigious asset confirms the continued demand among institutional investors for core assets in Poland. We are seeing significant appetite for good quality assets, let to strong tenants in this region as well as the Czech Republic.'
The mixed-use scheme, which opened in October 2013, features a combination of 41,300 m2 of Class A office space on the upper levels and a 15,500 m2 City Shopping Gallery on the lower floors.
IRE was advised by Cushman and Wakefield, Deloitte, Hogan Lovells and Arcadis EC Harris.