Invesco Real Estate sells Zaulek Piekna in Warsaw – EuropaProperty

Invesco Real Estate (IRE), the global real estate investment manager, is pleased to announce the sale of Zaulek Piekna on behalf of one of its separate account clients in Germany to GLL Real Estate Partners GmbH.

Zaulek Piekna is an 8,860 sqm Class A office building in Warsaw’s CBD and was developed in 2005 through a collaboration between Atelier 2 Architekci and Ghelamco Poland. The property is 100 percent leased to national and international tenants including Mazars, Pekao Bank, Sony and Bang & Olufsen.

Tomas Picha, Director – CEE transactions for IRE commented: “The successful sale of Zaulek Piekna confirms the continued demand among institutional investors for core assets in Poland. This demand, combined with the active management of our client’s investment mandate in order to achieve their investment objectives, meant the timing was optimal for us to sell this outstanding asset. However, we continue to have a strong interest in the Polish market on behalf of our existing investment mandates.”

This year marks the second anniversary of Invesco Real Estate’s presence in Warsaw, its second on-the-ground team in Central and Eastern Europe (CEE) after opening its Prague office in 2005.

Anna Duchnowska, Director – Asset Management and Head of Polish Operations at IRE commented: “The continued growth of our business in Poland due to increasing demand from our institutional investors to access good quality assets in this market means we have now moved into a permanent office building within the CBD, which we are delighted about. The Polish market is very important to Invesco Real Estate and we have been an active investor for many years and will continue to do so given the right investments and opportunities. The Polish economy shows strong growth and is, in our view, one of the fastest growing economies in Europe.”