Guardian Managers Limited, on behalf of the Guardian New Europe Emerging Cities Fund, represented by Jones Lang LaSalle, has made another investment in Warsaw, Poland. The company has acquired the Batory Office Complex comprising of the existing Batory Office Building I and Batory Office Building II, the latter currently under construction. The existing building benefits from long term leases for 100% of the premises.
Batory Office Complex is a development by Liebrecht & Wood, located on Aleje Jerozolimskie in Warsaw. It is situated within the well established business district being the second most popular non-central destination for tenants in Warsaw. The standing property offers a very good functionality of office space located over six floors (including ground floor) and comprise 6,393 m² of rentable office space, whereas Phase II will offer 7,704 m² of rentable office space over six levels and is planned for delivery in Q2 2009.
The complex occupies a prominent site on Aleje Jerozolimskie which is conveniently accessible. In addition, the location provides excellent visibility from Al. Jerozolimskie where the complex has a direct frontage to the street. Moreover, Salomea junction which will be constructed in front of the scheme will provide direct access to the highway ring-road system for Warsaw. This will make the Batory Office Complex a gate to Warsaw when arriving from the South.
Tomasz Puch, Associate Director at Jones Lang LaSalle Capital Markets team in Poland, commented that, "with the significantly reduced number of investment transactions throughout the CEE Region, Guardian managed to secure very good quality product in convenient and growing location with long-term income and at the same time with yields set competitively to the current market."
Alwin M. Tamosius, Chairman of Guardian, observed, "our acquisition of the Batory Office Complex demonstrates our Fund's commitment to the real estate market in Poland and we anticipate completing additional investments in the near future in both Poland and Central Europe. We believe that because the region may be less affected by the turmoil in the global financial markets that significant opportunities remain."
Source: Jones Lang LaSalle