May 23, 2016

Former UBS Fund disposes of Nova Praga office building in Warsaw

Former UBS Fund disposes of Nova Praga office building in Warsaw

Acting in its capacity as advisor for a German depositary bank, who is currently administrating the German Special-AIF UBS (D) Sector 3 Real Estate Europe, UBS Real Estate GmbH has sold the Nova Praga office building in Warsaw to Mazovia Capital. Cushman & Wakefield and Magnusson Law represented the vendor in the transaction. The building will now be known as Mazovia Plaza.

Mazovia Plaza is situated on the right bank of the Vistula River at 7 Brechta Street in the North Praga district, a 10 minute drive from Warsaw’s city core. The building’s convenient location close to major arterial routes and numerous tram and bus stops allows easy access to each part of the city.

Mazovia Plaza is a low-rise office building offering approximately 6,000 sqm of office, retail and storage arranged over basement, ground and seven upper floors. The property offers 76 parking spaces. Built in 1952, the building underwent a comprehensive refurbishment in 2000, including a complete overhaul of technical installations.

Charles Hartline, Partner at Mazovia Capital, commented, “The Praga district of Warsaw is primed for growth given its proximity to the city center, the opening of the new metro stations and Google’s campus, significant residential development, and other exciting infrastructure investments and improvements. Mazovia Plaza will be home for many companies proud to locate their businesses in this exciting district.”

Soren Rodian Olsen, Partner at Cushman & Wakefield in Poland, commented, “Mazovia Plaza is among the few recognized office buildings in Warsaw’s Praga district, where the vacancy rate is substantially lower than in the central business and Mokotow districts of Warsaw. Together with the Investment Team of UBS Real Estate we have managed to find a new owner that is specialized in Praga offices and re-developments, and we very proud having successfully closed this transaction with Mazovia Capital.”

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