RREEF clinches EUR 117m deal with Degi in Warsaw

RREEF, the property fund management arm of Deutsche Bank, has acquired the Focus Filtrowa office complex in Warsaw for a total of EUR 117 mln. The vendor is Aberdeen's Degi International open-ended property fund.

Completed in 2000, the scheme is fully let to 30 tenants including BMW, Glaxo SmithKline, and Walt Disney. It offers 33,500 m² of space across 12 upper floors as well as 400 parking spaces.

'The Polish economy is robust and we expect an above-average growth in comparison to neighbouring countries. These are excellent conditions for a real estate investment in the capital. Particularly in the case of a prime asset such as this one,' said Georg Allendorf, managing director of RREEF Germany. The property will be owned by RREEF's grundbesitz europa fund, which has EUR 3.2 bn worth of assets, including the Topaz and Nefryt office buildings, also in Warsaw.

Focus Filtrowa was acquired by Degi in June 2007 for EUR 122 mln.

On completion of the deal, Degi International has raised its liquidity ratio by 3% to 22%. 'Through the sale, we come closer to our goal of re-opening the fund no later than November 2011,' said Hartmut Leser, Aberdeen's head of Germany.