Warburg-HIH Invest Real Estate GmbH (Warburg-HIH Invest) has acquired the office property Prime Corporate Center in the city centre of Warsaw. 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 property has been sold by the Warsaw-based developer Golub GetHouse. The buyer was represented in this transaction by Cushman & Wakefield.
The recently completed office property has a total rentable space of almost 20,900 sqm split over 23 floors and five basements. 300 sqm on the ground floor are being used for catering purposes. The property also has 197 parking spaces in the underground car park. The property is located centrally in the inner city of Warsaw in the upcoming district Wola in the immediate vicinity of the central business district and within easy walking distance of the central railway station.
The Prime Corporate Center is fully let. All office spaces are being occupied by Raiffeisen Bank Polska S.A. under a ten year lease. The general contractor, the company Warbud, completed the building on schedule in March 2016 after only two years of construction. The Prime Corporate Center was designed by the Chicago-based architecture firm of Solomon Cordwell Buenz in cooperation with Epstein, Warsaw. The building is certified as BREEAM Very Good.
Matthias Brode§er, Head of Transaction Management International at Warburg-HIH Invest and responsible for the International Purchase and Sale, said, “The Prime Corporate Center’s prominent location in the growing metropolis of Warsaw, the excellent access to the public commuter 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.”
Soren Rodian Olsen, Partner, Capital Markets, Cushman & Wakefield, added, “The acquisition of Prime Corporate Center is without doubt 2016’s office investment highlight on the Polish real estate market. The scheme boasts an excellent location in Warsaw’s evolving CBD and a prestigious tenant. We are very proud having represented Warburg-HIH Invest in this transaction.”