Austrian Investment fund CA Immobilien Anlagen AG (CA Immo) has reached an agreement with AXA Investment Managers Deutschland to acquire AXA’s 49 percent stake in the “P1” portfolio in Warsaw, thus becoming its sole owner.
Warsaw Towers offers 21,000 sqm in Warsaw's CBD
Courtesy of CA Immo
Previously CA Immo held a 51 percent stake in the joint venture, which it acquired through a takeover of real estate fund Europolis in 2011.
The “P1” portfolio consists of five office schemes located in the Polish capital, three of which are situated in Warsaw’s CBD. The sum of the transaction was not revealed, but the assets are valued at some €280 million.
“The investment will consolidate our presence in prime areas of Warsaw while significantly raising our cash flow from investment properties over the long term,” said Bruno Ettenauer, CEO of CA Immo.
“This transaction also enables us to acquire attractive core properties below present market values, which will have a suitably positive impact on the NAV of CA Immo,” Mr Ettenauer added.
The biggest scheme in the portfolio, Warsaw Towers, was built in 1999 and offers 21,000 sqm of GLA. It houses tenants such as Accenture, Deloitte, Procter & Gamble and Linklaters & Alliance.
The other two schemes located in Warsaw’s city center are Saski Crescent and Saski Point, completed in 2003 and 1999 respectively. Saski Crescent features 15,000 sqm of office space, while Saski Point offers 8,000 sqm of GLA.
The remaining projects, Sienna Center and the Bitwy Warszawskiej Business Center, comprise nearly 20,000 sqm each. Sienna Center in Warsaw’s Wola district was first built in 1998 and refurbished in 2010. The Bitwy Warszawskiej Business Center, located in the Ochota district, was completed in 2001 and is occupied by companies such as Grupa Żywiec and Shell.
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