Austrian developer UBM Development has acquired the remaining 50% share it did not already own in the Poleczki business park at Warsaw airport from its long-term joint venture partner, listed property firm CA Immobilien Anlagen.

Austrian developer UBM Development has acquired the remaining 50% share it did not already own in the Poleczki business park at Warsaw airport from its long-term joint venture partner, listed property firm CA Immobilien Anlagen.

Although the companies agreed not to disclose the specific purchase price, they also said the deal volume was over €80 mln.

The office project - the largest of its kind in Poland - comprises several construction phases involving 16 buildings and a total gross space of 200,000 m2.

The complex has already seen 66,000 m2 delivered in two phases in 2010 and 2012. The buildings are nearly fully let. Another office building offering 8,500 m2 is also about to be completed.

'By acquiring the 50%-share in Poleczki Business Park from CA Immo we have become the sole owner of the property; as a result, development competencies are now fully with us,' commented Karl Bier, CEO of UBM. 'We intend to substantially increase our commitment at the site and tap the existing development potential faster than originally planned.'

Bruno Ettenauer, CEO of CA Immo, added: 'In the wake of our strategy to reduce minority interests this is a good point in time now for everyone involved to hand over the project to a single owner.'

PORTFOLIO SALE
UBM said the deal will help it accelerate its strategy to sell its existing assets and focus on development projects. The company is currently planning the sale of a €700 mln portfolio across four countries, with the aim of signing a sale agreement by the end of the year, according to CEO Karl Bier.

'The emphasis of our activity now is clearly on selling our portfolio. The efficient handling of such a disposal process is greatly facilitated by having sole control over the individual properties. Therefore, buying the remaining 50%-share in Poleczki Business Park was a consistent and right step for implementing our strategy,' Bier said.

The portfolio for sale is spread across four countries (Germany, Austria, Poland, and France) and two asset classes (office and hotel). The two completed construction phases I and II of Poleczki Business Park are part of this portfolio.