The IMMOFINANZ Group has acquired the remaining 49% of the Warsaw class-A office property Equator and the adjoining office development project Nimbus from the former project partner, the developer Karimpol S.A.
In exchange, this company will purchase 51% of the adjacent Cirrus development project from the IMMOFINANZ Group and become the sole shareholder of this asset. The parties have agreed not to release any information on the purchase or sale price for this transaction.
"This transaction represents a further important milestone in the implementation of our strategy to take over the full responsibility for projects and thereby optimize our investment structure," explained Manfred Wiltschnigg, member of the Executive Board of the IMMOFINANZ Group, on the reasons for this acquisition.
"With the Equator and Nimbus, we are also receiving an extremely attractive asset and a project in the well-established Warsaw office quarter of Ochota."
The Equator, Nimbus and Cirrus development projects were part of a joint venture that was founded in 2006. The Equator Office Building was completed in 2008; it has over 19,100 m² of rentable space and is fully occupied at the present time. The Nimbus development project is currently in an advanced planning stage. Plans call for the construction of a high-quality office building with approx. 20,000 m² at this site. Construction is scheduled to start at the beginning of 2012.
Source: ACCEDO Austria GmbH