18:26 CA IMMO AND PRAMERICA sell office building in Warsaw | |
| CA Immo and Pramerica Real Estate Investors, who each hold a 50 percent
share in the Warsaw Financial Center, have agreed to sell their share.
The sales price for the whole stake is around €210 million. A consortium of Allianz (87,5 percent) and Curzon Capital Partners III, a Fund managed by Tristan Capital Partners (12,5 percent) will take over the modern high-rise office building in Warsaw’s central business district with rentable area of around 50,000 sqm. The purchase agreement is still subject to the fulfilment of closing conditions that apply to real estate transactions of this kind in Poland. WFC is a prime landmark building located in the city center of Warsaw and was one of the first ‘Class A’ high-rise office structures in the CEE region when completed in 1998. It was bought by CA Immo and Pramerica Real Estate Investors as a 50:50 co-investment in 2005. The building is currently almost fully let to tenants that include internationally renowned companies, mainly law firms, consultancy firms and banks. Colliers International and Jones Lang LaSalle have been the agents selected by CA Immo and Pramerica Real Estate Investors for joint marketing of the transaction; Salans is their legal advisor. According to Dr. Bruno Ettenauer, Chief Executive Officer of CA Immo, "Our investment strategy calls for 7-10 percent of the overall portfolio to be sold every year in order to take maximum advantage of positive market phases and generate profits. Capital released in this way is earmarked for debt reduction and the realisation of current development projects. We are looking forward to the successful sale of the Warsaw Financial Center, which has now been agreed. This transaction will have a significantly positive impact on the annual result for 2012.” Despite the sale, Poland remains the most important CEE market given its potential. The CA Immo Group's property assets in Poland comprise eight high quality office properties situated mainly in the centre of Warsaw, two logistic parks as well as the project development Poleczki Business Park in Warsaw. Source: europaproperty.com | |
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