M7 Real Estate, acting on behalf of M7 Polish Active Fund, has purchased two Warsaw office buildings, Cristal Park and Mokotow Plaza, from Azora Europa. Savills advised the buyer on the transaction. The purchase price was not disclosed.
Cristal Park is an A-class three-storey office building located at Jerozolimskie Avenue in Warsaw. Developed by Yareal and designed by JEMS Architects, it was delivered in 2009 and offers over 10,000m² space. Cristal Park is currently fully let to Gaz-System and Barentz.
Mokotow Plaza is located at Postepu Street in Warsaw and offers c.15,400m² of modern office space. The property was developed 10 years ago by Celtic Property Developments and sold to Azora Europa in early 2011. The main tenants of Mokotów Plaza are Securitas, KCR and BTS Studios.
Katarzyna Parkot, Managing Director of M7 Real Estate in Poland, commented: "We are delighted to grow our Assets Under Management in Poland with the acquisition of these properties into M7 POLAF. We have identified a number of opportunities to add value, which we look forward to implementing in order to maximise performance for the fund.”
Anna Szelc, representing Azora in Poland, added: “The sale of our assets was in line with our divestment strategy and it shows that Warsaw’s non-central locations continue to be on the radar of investors.”
Tomasz Buras, CEO and Head of Investment at Savills Poland, said: “What we are especially proud of is that Savills has a long history with Azora and M7 Real Estate and that we linked these two parties, which led to this successful transaction. For M7 Real Estate this acquisition offers a blend of a fully leasedCristal Park in a core-plus strategy, with a more opportunistic purchase of Mokotów Plaza realising a value-add approach. The latter also proves the continuing investment attractiveness of Słuzewiec district, still one of the most popular and largest office districts in Poland, which is beginning to feel the effects of decreasing vacancy rates in Warsaw”.