Union Investment Real Estate GmbH has purchased the Senator office new build in Warsaw, which comprises around 25,000 m² of rental space and was completed in September 2012. The purchase price is some €120 million.
Acquisition of Senator marks the entry of open-ended real estate fund UniImmo: Europa into the Polish office property market. “This investment boosts the geographical diversification of the fund’s portfolio and further reduces the average age of its holdings,” said Dr. Reinhard Kutscher, CEO of Union Investment Real Estate GmbH.
Union Investment is acquiring the prestigious office building, located in the north of the city center between the town hall and Warsaw’s old town, from local project developer Ghelamco. The multi-tenant building boasts BREEAM certification and has an occupancy level of 80% across its six floors at the time of purchase. Tenants include financially sound companies from the oil, financial and media sectors.
The seller is providing a five-year letting guarantee for the vacant space. The property has 322 car parking spaces and an impressive lobby which enjoys legal protection as a historical feature. The building benefits from a very visible location on Solidarnosci, a major arterial road, and good connections via bus, tram and subway stations which are all within walking distance.
Source: Union Investment