Golub GetHouse and Warburg-HIH Invest Real Estate have signed a preliminary sale agreement of PRIME Corporate Center in Warsaw. The office tower is 100 percent leased exclusively for 10 years to Raiffeisen Polbank that will locate its new headquarters there.
The office building completed in March 2016 offers close to 20,900 sqm of lettable space located across 23 floors, as well as 197 spaces in an underground car park. Additional 300 sqm are leased to a restaurant. The investment is located in Wola – a dynamically developing new business district of Warsaw.
“We are very proud of the building we delivered and its highest quality proved by the fact that Raiffeisen Polbank decided to select PRIME Corporate Center for its new headquarters. The credibility of such a trustworthy, institutional tenant, who leased the building for 10 years, as well as the quality of development are reflected in its high market value. Institutional investors engaged in PRIME Corporate Center, through a fund managed by Golub GetHouse, also included Polish Open Pension Funds (OFE). This transaction confirms that Polish capital works very well on the real estate market in Poland, which can provide extraordinary returns for developers and investors. I am glad the building we developed has attracted Warburg-HIH Invest and I am certain that PRIME Corporate Center will be a very valuable asset in their portfolio,” said Czarek Jarząbek, Founder and President of Golub GetHouse.
“The Prime Corporate Center’s prominent location in the growing metropolis of Warsaw, the excellent access to the public com-muter railway system and last but not least the outstanding quality of the property makes this acquisition a highly attractive medium to long-term investment for Warburg-HIH Invest and its investors,” said Matthias Brodesser, Head of Transaction Management International at Warburg-HIH invest and responsible for the International Purchase and Sale.
The seller has been advised by Clifford Chance (legal) and Savills (investment adviser). The buyer has been advised by Hogan Lovells (legal), TPA Horwath (tax), cmT (technical acquisition due diligence) as well as Cushman & Wakefield and MF Capital (investment advisers). The transaction, which took the form of an asset deal, was carried out as a club deal for four separate accounts of German institutional investors.
The general contractor of PRIME Corporate Center was Warbud, which completed construction on schedule, within just two years since its beginning. The building has been designed by Solomon Cordwell Buenz architecture office from Chicago that cooperated with Epstein Warsaw office. The office building is BREEAM “very good” certified.
