Union Investment acquires Horizon Plaza in Warsaw (PL)

Union Investment Real Estate GmbH has acquired the Horizon Plaza Office Complex developed by IVG in Warsaw for around €102 million. This is the largest transaction on the commercial real estate market this year in Poland.


The Horizon Plaza office complex in Warsaw was sold for €102 million.

The ensemble, consisting of one eleven-storey building and one seven-storey building and offering a total of 32,700 m² of office space, a retail area, 3,200 m² of storage space as well as an underground garage and outside parking spaces ranks as one of the most state-of-the-art buildings in the country and has an outstanding reputation in terms of sustainability and energy efficiency. The occupancy level of the office and retail spaces comes to 90%. Tenants include Nokia Siemens Network Sp. z o.o., Getin Noble Bank, Pekao Bank Hipoteczny SA and WestLB Bank Polska.

It is the second piece of real estate to be acquired of the openended property fund UniImmo Global in Poland. In October 2008, Union Investment had already acquired a shopping centre in Katowice for €95 million for this fund. "The acquisition of Horizon Plaza fits perfectly into our investment strategy of generating higher income in "core-plus" countries", emphasises Dr. Karl-Joseph Hermanns-Engel, a member of the Board of Management of Union Investment Real Estate.

IVG has its own branch in Poland, and manages a further seven pieces of office and retail real estate there. The company wants to expand its presence in Poland in the near future. "Our flagship investment – the Horizon Plaza – is a major success, not just economically but also in terms of urban planning", emphasises Maciej Zajdel, IVG Poland Chairman, pointing out the experience and expertise of his team on the Polish real estate market.

CB Richard Ellis has advised IVG on the sale of Horizon Plaza Office Complex in Warsaw, Poland, for around €102 million to Union Investment Real Estate GmbH. Przemyslaw Lachmaniuk, Senior Consultant, Capital Markets, Poland, CBRE, said: "The successful disposal of Horizon Plaza demonstrates the continuing commitment of institutional investors to the Polish property market. Furthermore, given its size and prominence, the transaction represents a benchmark for the investment market in Central and Eastern Europe in 2010."

Source: IVG/CBRE

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