CBRE announces the sale

Warsaw, 28 October 2010 – Warsaw based CB Richard Ellis Development Consultancy Team, together with the CBRE Spanish office, has recently represented Acciona in the sale of their Konstruktorska development site in the Mokotów Business District. The property was purchased by a leading CEE commercial property developer, HB Reavis.

The property is located in Warsaw at 11 Konstruktorska Street, with a land area of ca. 16,000 sq m. The property holds a valid building permit for the construction of a 45,000 sq m GLA office scheme.

This is the first acquisition by HB Reavis in Poland following their recent investments in the Prague office market. The transaction marks the intention of the Slovak developer to become a substantial player on the Polish commercial property market. Construction will start in Q1 2011 and the first phase will be completed towards the end of 2012.

‘This transaction exhibited the quality investor’s desire for well located sites, with great potential.’ – said Mikołaj Martynuska, Director of CBRE Development Consultancy Team.

CB Richard Ellis represented the seller and also identified the successful buyer.
The CBRE Development Consultancy Team is based in Warsaw and focuses exclusively on underwriting, structuring and executing land sales for office, residential, retail and special purpose real estate assets.
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ACCIONA is a Spanish multinational that leads the world in developing, promoting and handling renewable energy, building and exploiting large infrastructures and eco-efficient homes, logistics and transport and providing urban and environmental services.
ACCIONA REAL ESTATE is one of the five lines of business on which the company is based. Backed by our long experience and professionalism, our activities focus on promoting and managing high-end property complexes that pursue excellence, by applying technological advances and using quality materials and finishes. The company, with an annual turnover of more than 400 million euros, is established in 24 provinces throughout Spain and in Portugal, Poland, Brazil and Mexico. Our experience consists of more than a hundred developments with more than 10,000 housing units already handed over.

HB REAVIS GROUP is a privately owned real estate developer active in Slovakia, the Czech Republic, Poland, Hungary and Croatia. Since 1993, the Group has delivered almost 500,000 m2 GLA in office, retail and logistics projects. Company has total assets of EUR 1.2 billion and employs more than 260 professionals dedicated to development, asset management and investment management.