ING Real Estate acquires two office buildings in Warsaw for €167m (PL/NL/BE)

ING Real Estate has acquired two office buildings in Warsaw, Poland, from Belgian developer Ghelamco Group for the total amount of €167 million: the Prosta Office Centre and Trinity Park II. Both buildings will be contributed to the portfolio of the ING Property Fund Central and Eastern Europe, a semi-open ended fund that was launched in December 2006.

Prosta Office Centre and Trinity Park II in Warsaw.

Prosta Office Centre is a 20,525 m² Class A building located in the central business district of Warsaw with three underground parking levels providing 289 spaces. The ground floor of the building provides retail and core-service facilities. The building is fully leased and tenants include, among others, Presspublica, Caterpillar, Raiffeisen Leasing, Roedl&Partners, La Caixa and Matrix Infovide.

Trinity II is a two-building office complex in the Mokotów Business District of Warsaw with room for approximately 24,000 m² of offices, 1,500 m² of storage and nearly 700 parking spaces. Trinity II is fully leased to leading international companies including Fortis Bank, Sygma Bank, Olympus, Axel Springer and Pliva.

Commenting on the acquisition Martin Sabelko, Managing Director of ING Real Estate Investment Management Central & Eastern Europe, said, "It is our largest office transaction so far in Central & Eastern Europe, adding substantial value to the fund. The acquisition raises the fund's assets under management to €435 million, almost 44% of the targeted investment volume (for a three-year commitment period) since its launch only six months ago."

"We are very pleased with the sale of the two buildings," said Jeroen van der Toolen, Managing Director of Ghelamco Group Central & Eastern Europe. "This transaction has been our largest single sale so far but for 2008 will we be able to provide two new large Polish investment opportunities, Bema Plaza in Wroclaw and Marynarska Business Park in Warsaw, totalling over 70.000 m²."

Source: ING Real Estate

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