Union Investment has acquired the Lipinski office and retail complex in Warsaw's central business district for one of its open-ended real estate funds for institutional investors. The vendor is construction company Reinhold Polska, which is owned by the Swedish Reinhold Group. The parties agreed not to disclose the purchase price.
Union Investment has acquired the Lipinski office and retail complex in Warsaw's central business district for one of its open-ended real estate funds for institutional investors. The vendor is construction company Reinhold Polska, which is owned by the Swedish Reinhold Group. The parties agreed not to disclose the purchase price.
The property is an historic complex which will be extensively renovated to comprise around 5,870 m² of rental space, of which 2,485 m² will be allocated to retailing and 3,385 m² to office accommodation. More than 50% of the space is already pre-let. Completion is anticipated for the second half of 2010.
