Union Investment has acquired the Horizon Plaza office complex in Warsaw for around EUR 102 mln - one of the largest commercial real estate deals in Poland this year. As reported earlier by PropertyEU, the vendor was IVG Immobilien, the largest listed real estate company in Germany.
Union Investment has acquired the Horizon Plaza office complex in Warsaw for around EUR 102 mln - one of the largest commercial real estate deals in Poland this year. As reported earlier by PropertyEU, the vendor was IVG Immobilien, the largest listed real estate company in Germany.
IVG said Horizon Plaza is one of the most state-of-the-art buildings in the country and has an outstanding reputation in terms of sustainability and energy efficiency.
The property consists of one 11-storey building and one seven-storey building offering a total of 32,700 m2 of office space, a retail area, 3,200 m2 of storage space as well as an underground garage and outside parking spaces.
The occupancy level of the office and retail spaces comes to 90%. Tenants include Nokia Siemens Network, Getin Noble Bank, Pekao Bank Hipoteczny SA and WestLB Bank Polska.
Horizon Plaza is the second property Union Investment has acquired in Poland for its open-ended property fund UniImmo Global. In October 2008, Union Investment acquired a shopping centre on behalf of the fund in the southern Polish city of Katowice for EUR 95 mln.
'The acquisition of Horizon Plaza fits perfectly into our investment strategy of generating higher income in 'core-plus' countries', said Dr. Karl-Joseph Hermanns-Engel, a board member at Union Investment Real Estate.
IVG has its own branch in Poland and wants to expand its presence in the country in the near future. The firm manages a further seven office and retail properties in Poland.
