Union Investment has acquired the office and shop premises "Lipinski" for one of its open-ended real estate funds for institutional investors. The complex is located in a prime location in Warsaw's central business district opposite the Marriott Hotel and the Palace of Culture.
The property is a historic complex which is currently being restructured in a historically appropriate manner and will be provided with a glazed atrium. Overall, the property comprises approx. 5,870 m² of rental space, of which 2,485 m² is retailing and 3,385 m² is office space. More than 50% of the space is already pre-let.
Completion is anticipated for the second half of the year 2010.
Source: Union Investment