Author Archives: cijwojciech

KSP buys Stratos from Pramerica

Kulczyk Silverstein Properties (KSP) has purchased the Stratos Office Center  in central Warsaw from Pramerica Real Estate Investors. KSP plans further acquisitions in Poland and other countries of CEE region.

Stratos Office Center is a 10,600 sqm  Class A office building developed in 2000 by the Austrian developer  Karimpol.

Pramerica acquired the property in 2006. The building is fully let to tenants including BRE Leasing, the Belgium Embassy as well as international law firms Beiten Burkhardt and Bird & Bird.

The transaction was financed by Landesbank Berlin AG and Berlin Hyp and was brokered by Colliers International.  Hogan Lovells acted for KSP while Salans acted for the vendor. One unconfirmed market source not involved in the deal put the yield at around 6.6%.


GTC sells its stake in Galeria Mokotów

Globe Trade Centre signed a preliminary agreement for the sale of its 50 percent stake in its Galeria Mokotów project based on an asset value of €475m. The purchaser is an affiliate of Unibail-Rodamco, which already owned the other half of the mall.

“The transaction is in line with the GTC’s strategy of rebalancing its property portfolio, including the sale of mature assets and reinvesting in further expansion. As the real estate investment market continues to improve, we proceed with the recycling of capital and we’re planning new investments in the commercial sector in Poland,” said Eli Alroy, Chairman of the GTC Supervisory Board.

Located in Warsaw, Galeria Mokotow was completed in 2000. The mall comprises 62,000 sqm of net rentable retail space.

ING fund takes over Wars-Sawa-Junior

ING Property Fund Central and Eastern Europe (ING PFCEE) will become the sole owner of Wars-Sawa-Junior, a prime high street retail and office property located in Warsaw, Poland. With a €76m investment ING PFCEE, has acquired the remaining 50 percent stake in Wars-Sawa-Junior from its joint venture partner Centrum Development and Investment, Eastbridge Group’s real estate arm.

The property comprises about 29,000 sqm of retail space and 7,000 sqm of office space. Tenants include H&M, C&A, TK Maxx, Reserved, Marks & Spencer, Zara, Empik, Carrefour, Sephora, Esprit, Camaieu, Cropp Town and House.

Deka buys North Gate in Warsaw for €103m

Germany’s Deka Immobilien has acquired the fully-let North Gate office building in Warsaw, Poland for €103m. The building was sold by two companies in the Austrian Volksbank Group, which developed North Gate  through its project development company Premiumred.

With construction completed in 2008, the 24-storey property in central Warsaw offers 30,000 sqm in total lettable floor space. Its primary anchor tenant is pharmaceutical company Sanofi Aventis.

The building will be included in the investment fund’s WestInvest InterSelect open-ended mutual property fund portfolio.

Dom Development’s sales up, profit down

Warsaw-listed residential developer Dom development posted its 2010 results today. The company saw its net profit decrease by 49.5 percent to PLN 40.5m (€10.15m), a result of the long crisis, particularly in 2009 and 2010, when the company barely built a thing and the number of flats it delivered to clients was minimal.

Dom Development’s turnover in 2010 was PLN 513.7 (€128.69m), a decrease of 27.1 percent against 2009. Last year, however, shows the company’s revenue will be increasing in the following quarters and years. Dom Development sold 1386 flats last year, an increase of 75 percent over 2009. The company refrained from providing sales and revenue forecast for 2011. Continue reading

CB Richard Ellis to buy ING REIM

ING  has reached agreement to sell the majority of its ING Real Estate Investment Management business (ING REIM) in two separate transactions for a combined price of approximately USD1bn (€770m). As part of the overall transactions, ING has also agreed to sell up to approximately USD100m of its equity interest in existing ING REIM funds.

ING has entered into an agreement with CB Richard Ellis Group, Inc., to sell ING REIM Europe, ING REIM Asia and Clarion Real Estate Securities (CRES), ING REIM’s US-based manager of listed real estate securities, as well as part of ING’s equity interests in funds managed by these businesses. The proceeds for these REIM businesses and the equity interests amount to approximately $1bn.

ING REIM Europe, ING REIM Asia and CRES combined have €44.7bn in assets under management as of 31 December 2010. Continue reading

Union Investment acquires Zebra Tower in Warsaw

Union Investment has acquired the Zebra Tower office and retail building in Warsaw for approximately €76m. The seller of the class A building is Austrian developer S+B Gruppe. The building was completed during the fourth quarter of 2010 and is situated in the center of Warsaw. It has a total area of around 18,280 sqm on 17 floors, of which 75 percent has been rented to Samsung, Boston Consulting and the Cityboard Media advertising agency, among others. A three-year vacant space lease guarantee from the seller was reported. The property will be a component of the Immo-Invest: Europa institutional real estate fund. Union Investment has thus completed three property transactions in the Polish capital within a single year at a total volume of approximately €220mn.