Hamburg-based Warburg-HIH Invest Real Estate has acquired a landmark office tower in Warsaw for a reported €90 mln.
The Prime Corporate Center was bought from developer Golub GetHouse in a club deal for four special funds for German institutional investors, as well as the Polish Open Pension Fund. The building is fully let to Raiffeisen Bank Polska on a ten-year lease.
Sources quited by local media organisation Eurobuild CEE quoted sources gave the price of the transaction at €90 mln, reflecting a 5.3% yield, the lowest on record for Warsaw's office market.
The recently completed building has a total lettable area of nearly 20,900 m2 over 23 floors, with five basement stories. The ground floor includes 300 m2 of space allocated for use as a restauarant.
'Prime Corporate Center is a very attractive investment with a medium to long term investment horizon, due to its exposed position in the growing metropolis Warsaw, excellent access to public transport and not least because of the excellent quality of the property,' said Matthias Brodesser, head of international transaction management at Warburg HIH Invest.
The buyer was advised by by Hogan Lovells on legal matters, TPA Horwath on tax, cmT on technical aspects and Cushman & Wakefield and MF Capital as investment advisors. Lawyers Clifford Chance and Savills acted for the seller.
