CA Immo Poland signed 29 lease agreements with a total of 36,200 sqm office space, thus strengthening its cooperation with existing, longstanding business partners and acquiring new tenants in its office buildings in Warsaw. The company also finalized the sale of the Wspólna 47-49 office building.
The biggest lease transaction finalized by CA Immo last year was the extension of a lease agreement for nearly 18,000 sqm of space in the Warsaw office building Postępu 14. AstraZeneca Pharma Poland decided not only to stay in the facility for another five years but also to lease an additional 3,000 sqm. Consequently, the AstraZeneca offices in Warsaw now occupy about 21,000 sqm, over 60 percent of the building’s entire area.
In 2021, CA Immo also extended its agreement with FIS Technology Services Poland, which leases almost 3,000 sqm of modern workspace in the Sienna Center office building. In addition, PGE Systemy decided to continue its operations in Warsaw Towers and further expanded its existing office by a further 860 sqm, leasing a total of 2,760 sqm. Ekoenergetyka expanded its space in Postępu 14, choosing to lease an additional 1,000 sqm. New tenants joined the Bitwy Warszawskiej Business Center (IMOL, among others), Sienna Center (Westrock, Hrymak Kupryjanczyk), Warsaw Towers (Webshield), and Warsaw Spire C (enel-med).
“Last year was another year in which we had to face uncertainty in the office market,” said Andrzej Mikołajczyk, Managing Director at CA Immo Poland. “Despite this, we again achieved very good business results. Our existing and new tenants have recognized the high quality of CA Immo’s buildings. This proves that our strategy of expanding and improving the quality of our portfolio is successful.”
Warsaw is one of CA Immo’s core markets, where we have been present since 2001. As of 30 September 2021, CA Immo’s Polish portfolio consisted of nine office buildings with a total area of approximately 165,000 sqm and a book value of about €532 million. In November 2021, CA Immo successfully closed the sale of the Wspólna 47-49 office building in Warsaw, which offers 7,696 sqm of space. The sale closed at a premium to the 31 December 2020 book value. The property was acquired by Yareal Polska. Currently the properties in CA Immo’s Polish portfolio include Warsaw Spire B, Warsaw Spire C, Postępu 14, Warsaw Towers, Sienna Center, Saski Crescent, Saski Point, and Bitwy Warszawskiej Business Center.
As in previous years, CA Immo intends to continue its strategic capital rotation programme, whereby the group sells non-strategic properties and uses the proceeds to fund its development pipeline or purchase cash flow-generating office buildings with additional development potential. With this programme, CA Immo aims to secure and further increase the attractiveness and sustainability of its investment portfolio. As part of this strategy, CA Immo continuously reviews its core markets for potential attractive, cashflow-strong portfolio acquisitions.
