Germany's Deka Immobilien has announced the acquisition of the International Business Center, an office and retail building, in downtown Warsaw for around EUR 148 mln. The vendor is an institutional European property fund of Munich-based GLL Real Estate Partners.
Germany's Deka Immobilien has announced the acquisition of the International Business Center, an office and retail building, in downtown Warsaw for around EUR 148 mln. The vendor is an institutional European property fund of Munich-based GLL Real Estate Partners.
The property is fully let and will form part of the portfolio of the Deka-ImmobilienEurope open-ended mutual property fund. Built in 2002 and extended in 2007, the scheme provides a total lettable area of around 37,000 m2 with around 2,500 m2 used for retail. The property has 19 tenants overall, including auditors PricewaterhouseCoopers and Sansumg.
Jones Lang LaSalle and Salans represented GLL in the transaction. Deka was represented by CBRE, TPA Horwath and CMS Cameron McKenna.
Leon Ballard, associate director of JLL's Capital Markets team, said that 'the transaction further underlines the liquidity of prime office product in the Warsaw market, seen throughout 2012'.
The transaction lifts the share of Polish assets in the fund from 4.3% to 5.6%, representing a combined value of around EUR 590 mln. Last month, Deka also bought the InterContinental Hotel in Warsaw from a joint venture of UBM and Warimpex, for EUR 103 mln.
