LaSalle Investment Management's pan-European fund Encore+ has acquired an office property in Warsaw from Polish developer Ghelamco.
Financial details were not disclosed.
Wronia 31, which is distinguished by its sustainability credentials, according to the firm, is located in Warsaw’s city centre west zone, an emerging business area in the Polish capital.
'This is an excellent acquisition for Encore+ where the asset characteristics of geography, sector and micro-location are all in line with the fund’s investment targets; moreover, it increases our exposure to the growing Central European office market and the economic growth in Warsaw,' said David Ironside, fund manager for Encore+.
This asset is a newly built office building of 16,667 m2 over 14 floors, with a multi-tenant structure. The building benefits from an BREAAM outstanding rating and recently won the international BREEAM Awards 2019 competition in the category of regional award Central and Eastern Europe.
Francesco Coviello, head of transactions for Central and Southern Europe at LaSalle, said: 'This is a very well-located asset in an area with much lower vacancy rates than the rest of Warsaw. As such, this is an excellent fit for LaSalle’s flagship pan-European fund and highlights our local knowledge in Poland and our ability to source high-quality assets.'
The transaction follows a recent flurry of deals for the fund in Paris and Munich, displaying a renewed focus on the office sector.
