CPI buys Warsaw Financial Center
Czech real estate investor CPI Property Group has finalised the acquisition of the Warsaw Financial Center office tower in the Polish capital’s CBD for an undisclosed sum.
CPI made an application to the Polish anti-competition authorities for the approval of the transaction in October. The 50,000 sqm building has changed hands through the 100 purchase of the shares in a company owned since 2012 by Allianz Real Estate (87.5 pct) and Curzon Capital Partners III – an investment fund managed by Tristan Capital Partners. The two companies bought the property from CA Immo and Pramerica in 2012 for EUR 210 mln.
The 32-storey office tower, which is situated at the junction of ul. Emilii Plater and ul. Świętokrzyska, is 99 pct occupied, by such tenants as Google, Bloomberg and Kompania Piwowarska. It is LEED ‘Gold’ certified.
“CPIPG is pleased with the quality of our acquisitions in Warsaw. We are on track to meet our goal of investing more than EUR 800 mln in Warsaw by early 2020,” Martin Němeček, the CEO of CPIPG, has commented.
Matt Lunt, the executive director for portfolio and asset management at Tristan Capital Partners, adds: “When we first acquired WFC we undertook major refurbishments to the entrance and ground floor lobby areas and have worked steadily to increase occupancy to 99 pct, with tenants including leading Polish and international corporations. WFC is now a highly sought-after institutional quality asset, which offers modern design and excellent environmental credentials in Warsaw’s CBD.”