IMMOEAST Immobilien Anlagen AG, the listed subsidiary of IMMOFINANZ, has acquired another top office property in Warsaw. 'Mistral' is located in the Jerozolimskie business corridor, currently one of the most sought after locations in the Polish capital. The location is impressive above all because of its excellent transport links and that both the city center and the international airport are accessible in ten minutes.
Mistral is a category A office building with total lettable space of 19,500 m. The property has nine upper-level and two lower-level floors and several bus lines as well as the important City Train stop in close proximity. The purchase price of the property is 30 million euro.
For IMMOEAST Mistral is particularly interesting because of its first-rate tenants. The main tenant is Compensa, a subsidiary of Wiener Städtische. There are also the battery maker Energizer and two companies active in the health care industry, Luxmed and Tyco Polska.
With the acquisition IMMOEASTs overall involvement in Poland has therefore been expanded. In addition to the spectacular purchase of the 110,000 m Silesia City Center in Katowice, this fiscal year the Silesia Logistics Center (16,609 m) was acquired as well as stakes in Warsaw office properties Atrium Plaza and Atrium Centrum via IMMOEASTs stake in Polonia Property Ltd, which together have 41,500 m lettable space. The development project IO-1, an office building with lettable space of 30,000 m in Warsaws boom district Mokotow, will be completed no later than 2006. Moreover, a forward purchase deal was made concerning another 12,600 m office project. This will also be finished in 2006 and upon completion acquired by IMMOEAST.
Altogether IMMOEAST currently has a portfolio of 24 properties in Poland totalling 566,278 m, which it holds either directly or in the scope of joint ventures and shareholdings. Poland takes third place in IMMOEASTs overall portfolio, following Hungary and the Czech Republic.
Source: IMMOEAST
