Echo Investment sells Sagittarius Business House in Wrocław to Warburg-HIH Invest
Warburg-HIH Invest Real Estate (Warburg-HIH Invest), a German-based real estate investment manager, will acquire the Sagittarius Business House office scheme in Wrocław on behalf of an individual fund it manages for an institutional investor. The property is under construction and its completion is expected in Q1 2018.
The building is being constructed in a very central office location and it will have a gross lettable area of around 25,000 sqm. The main tenants of the office units are EY and Bank of New York Mellon, taking over 90 percent of the total space. In addition, the six-storey building encompasses around 1,700 sqm of retail and restaurant space on the ground floor, as well as a preschool.
There are 322 parking spots, some of them located in the in-house underground car park. The multi-tenant occupancy is also possible to arrange due to a flexible floor plan that permits variable partitions. Echo Investment is responsible for completion of the construction works and guarantees full occupancy by the time ownership of the property is transferred.
“This is another case where we are selling the property under construction, so I’d like to thank Warburg-HIH Invest Real Estate for the confidence in our company,” said Nicklas Lindberg, CEO of Echo Investment. “The building has already such reputable tenants as EY and BNY Mellon, and Wrocław remains one of world favourable location for BPO/SSC centres. This factors implies the Sagittarius market success. I’m convinced the building will be an excellent asset in the portfolio of Warburg-HIH Invest Real Estate. Congratulation for this acquisition.”
Andreas Schultz, head of the Transaction Management International units at Warburg-HIH, said: “We are taking advantage of a great opportunity with this additional acquisition in Wrocław because the Polish real estate market offers a yield premium to West-European investors, and because the city represents an attractive investment destination due to its positive macro-economic performance.
“Owing to our structuring, transaction and management experience in Poland, we are able to tap into an efficient network of advisors and service providers, who have made it possible for us to acquire this new-build property in such a prime location, with its irreplaceable asset quality and a BREAAM excellent certificate, which will continue to be an asset to us in the future.”
Sagittarius Business House is located in the future Central Business District (CBD) of Wrocław, between the central railway station and the Wroclavia shopping centre. Due to its direct proximity to the central railway station, the municipal court and tram depot, the property benefits from convenient access to the public mass transit network.
As it is located close to the bypass road no. 98, it is also convenient to be reached by car. The commute to Wrocław Airport takes about 22 minutes, and the inner city is a 15-minute walk away. Moreover, there are several other shopping centres in the vicinity, along with small-scale retailers, restaurants and cinemas.