Poland’s Largest Property Deal of 2010
Warsaw, 23 April 2010
CB Richard Ellis has advised IVG on the sale of Horizon Plaza Office Complex in Warsaw, Poland, for around €102 million to Union Investment Real Estate GmbH. This is the largest commercial real estate transaction this year in Poland and reflects the increased confidence and investor interest in high quality assets in core Central European markets.
The property ranks as 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 complex, which comprises of one eleven-storey building and one seven-storey building, offers a total of 32,700 m² of office space, 3,200 m² of retail and additional storage space, as well as an underground garage and outside parking spaces.
The property is 90% let and current tenants include Nokia Siemens Network Sp. z o.o., Getin Noble Bank, Pekao Bank Hipoteczny SA and WestLB Bank Polska.
Przemyslaw Lachmaniuk, Senior Consultant, Capital Markets, Poland, CBRE, said: “The successful disposal of Horizon Plaza demonstrates the continuing commitment of institutional investors to the Polish property market. Furthermore, given its size and prominence, the transaction represents a benchmark for the investment market in Central and Eastern Europe in 2010.”