GE Real Estate Central & Eastern Europe announces that it has made its first acquisition in one of Poland's regional cities by acquiring a 16,263-m² Class A office building in Wroclaw, Poland from Archicom Projekt 7. GE Real Estate completed the transaction using 100% equity.
The seven-story building is located on the edge of the city center and is 82% let to 10 international and domestic tenants, including Nokia, Siemens and BRE Bank. It has six lettable office floors, with floor plates of approximately 2,450 m² each. The flexibility and efficiency available to tenants is underlined by the ability for each floor to be divided for up to four tenants and is complemented by a restaurant and other amenities on the ground level.
Wroclaw is Poland's fourth largest city and one of the country's fastest developing economic centers, principally due to its strategic location between Poland, the Czech Republic and Germany. The building is situated on Wroclaw's main arterial road, offering excellent access to both the city center and its international airport, which are both within 10 minutes of the site. The city has a population of approximately 640,000 and continues to develop through the relocation to Wroclaw of a range of blue-chip companies.
Karim Habra, Managing Director of GE Real Estate's Central & Eastern Europe business, commented: "This acquisition is further evidence of our strategy of increasing our presence in Poland's regional cities in all asset classes, where we see considerable potential going forward. We are confident that the combination of our professional asset management experience and the building's strong location will position us well to extract further value from the building. With this acquisition we have