CPI PROPERTY GROUP (CPI PG), one of the largest owners of income-generating real estate in the Czech Republic, Berlin and the CEE region announced the acquisition of Equator IV, an office building located in central Warsaw, Poland.
Located at Jerozolimskie Aleje, Equator IV offers more than 20,800 sqm of gross lettable area and 226 parking spaces. The property benefits from about 90% occupancy with further upside potential and is located close to transport hubs. Equator IV was completed by the seller Karimpol Group in June 2018.
“CPIPG is pleased to complete the purchase of Equator IV, which is a high-quality addition to our existing Polish office portfolio,” said Tomas Salajka, Head of Acquisitions and Asset Management for CPIPG. “Our acquisition pipeline in Poland is robust and we expect to announce more transactions in the coming weeks and months.”
On 8 October 2019, CPIPG announced the Company’s intention to acquire more than €800 million of high-quality offices in Warsaw during Q4 2019 and early Q1 2020. In the announcement, Green Corner A and Equator IV were specifically cited as near-term opportunities; Equator IV has now closed, while Green Corner A has proceeded to a signed preliminary purchase agreement and is expected to close in late 2019 or early 2020.
“Today marks another important moment in the history of Karimpol Group in Poland. The sale of Equator IV to CPI Property Group proves that the commitment to quality pays off and helps to attract high profile long-term investors,” said Harald Jeschek, Managing Partner of Karimpol Group. “We are confident that this building with its excellent tenant roster will gain in value and will be a perfect addition to the impressive CPI Property Group portfolio in Poland.”
The deal was supervised by the law firm Dentons.