Reinhold sells office project to Union Investment

Swedish developer Reinhold announced yesterday that it forward-sold an office project, located at Warsaw’s Jerozolimskie Avenue. The project, known as Lipinski Passage, went to Union Investment for €28.5m.

The property is a historic complex which is currently being reconstructed in a historically appropriate manner.  Overall, the property comprises about 5,870 sqm of rental space, of which 2,485 sqm is retail and 3,385 sqm is office space. More than 50 percent of the space is already pre-let. Completion is anticipated for the second half of the year 2010.

Reinhold will remain involved in the property as its manager and leasing agent.

Union Investment has been quite active in recent months on the Polish market, though there are questions over a deal to purchase Horizon Plaza office complex in Warsaw from IVG. No official word on a closing was been issued yet, though some suspect an announcement could happen during Mipim this week.

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