Warburg-HIH Invest Real Estate has acquired the Pegaz office building in Wroclaw, Poland, on behalf of an individual fund for an institutional investor. Built in 2016 the property has a total rentable area of 20,900 sqm and 390 parking spaces. Pegaz was acquired from Austrian developer UBM Development AG. The parties have agreed not to disclose the purchase price.
The Pegaz (Pegasus) office building is situated right on the edge of Wroclaw’s historic city centre. The average lease term of the property is over six years. The main tenants, taking op nearly half of the total floor space, are global insurance company XL Catlin, hydro-technology company Xylem and contract law specialist AXIOM.
“With the acquisition of Pegaz, we have confirmed our confidence in the Polish market, which, in comparison with other European regions, continues to expand, delivering above-average yield growth”, said Andreas Schultz, Managing Director Transactions Management International at Warburg-HIH Invest.