Echo Investment sells Aquarius Business House for €41.9 mln (PL)

Echo Investment has closed the sale of the Aquarius Business House office building, which has been developed at the crossroads of Swobodna Street and Borowska Street in the center of Wrocław.

The new owner of the building, which constitutes the first stage of the Aquarius Business House project, is the Spanish investor Azora Europe. The transaction price is €41.9 mln. Echo Investment Property Management will be the facility manager of the building for the next 5 years. The office building is 98% leased.

Azora Europe is one of Azora Group’s investment funds which are active investors on the markets of Central and Eastern Europe and have been operating in Poland since 2007. Azora’s properties include 7 office complexes that comprise 10 buildings and it is currently in the process of closing a number of transactions. Azora is also developing two residential projects in Warsaw.

Aquarius Business House is a modern office complex offering a number of the latest technological solutions, high-end information and communication technology links, security and access control systems, as well as a number of functions which support environmentally-friendly, efficient and economical management of energy and utilities.

Tenants which have signed leases in Aquarius Business House include: Tieto Poland, PwC, BNY Mellon, AXIT, Randstad, Lux Med, BOŚ Bank, Expander Advisors, Credit Agricole and Farmacja Plus.

The facility consists of two 7-storey buildings. The leasable office space of the whole facility amounts to 25,000 m². The first stage of the project was completed in November 2012. The completion of the second stage is planned for October 2013. Eiffage Budownictwo Mitex SA is the contractor of the shell of the building. The architecture of the building was developed in the Arcad architectural studio of Kielce. The car parks which service the facility offer a total of 410 parking spaces: 323 in the above ground parking garage, 37 in the underground car park and 50 in the external car park.

Source: Echo Investments

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