ING PFCEE acquires remaining 50% stake in Wars-Sawa-Junior (PL/NL)

ING Property Fund Central and Eastern Europe ('ING PFCEE') will become sole owner of Wars-Sawa-Junior, a prime high street retail and office property located in Warsaw, Poland. With an additional €76 million investment ING PFCEE, a real estate fund fully managed by ING Real Estate Investment Management ('ING REIM'), has acquired the remaining 50% stake in Wars-Sawa-Junior of its joint venture partner Centrum Development and Investment SA., Eastbridge Group's real estate arm.

ING REIM_Wars Sawa Junior

Wars-Sawa-Junior is strategically located in Warsaw's city center.

Wars-Sawa-Junior is strategically located in Warsaw's city center. The list of tenants includes famous brands like H&M, C&A, TK Maxx, Reserved, Marks & Spencer, Zara, Empik, Carrefour, Sephora, Esprit, Camaieu, Cropp Town and House. The property comprises approx. 29,000 m² of retail space and approx. 7,000 m² of office space.

In 2007, ING PFCEE acquired a 50% stake in Wars-Sawa-Junior from Eastbridge Group. With the acquisition of the remaining 50% stake in Wars-Sawa-Junior, ING PFCEE also acquired the remaining 50% interest in the senior loan provided to Prime Warsaw Properties Sp. z o.o., by EUROHYPO AG.

Martin Sabelko, Managing Director of ING REIM CEE: "We consider Poland as a growing strategic market. After a period of optimizing our CEE portfolio through redevelopments and extensions of some of our properties, this transaction clearly marks our return to the investment market as an active player. We are very happy to conclude this transaction in such a vibrant place of Poland's capital city".

Krzysztof Bocianowski, Head of Asset Management of ING REIM Poland: "As the proud owner of Wars-Sawa-Junior we plan to continue a positive dialogue with all tenants of the property in order to maximize our mutual benefits. After we successfully completed a refurbishment of the retail units last year, we will continue to enhance the shopping mall experience at Wars-Sawa-Junior. We will also be launching a campaign to attract visitors from Warsaw and beyond and position War-Sawa-Junior as a premier shopping center."

Source: ING REIM

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