Immofinanz Group has sold four office buildings comprising a total of 45,300m² – Bokserska Office Center, Cybernetyki Office Center, Tajfun and Brama Zachodnia. The portfolio was purchased by Indotek Group for €72.5m. The seller was represented by Colliers.
All properties are located in attractive areas of Warsaw. Bokserska Office Center and Cybernetyki Office Center are situated in the district of Mokotow, the former offering nearly 9,000m² and the latter ca. 6,700m². At 183 Jutrzenki Street in Warsaw's Włochy district, Tajfun offers tenants 6,700m² of office space. Last but not least is the 14-storey Brama Zachodnia, with an area of 22,300m², located at 92 Jerozolimskie Avenue in the Ochota district. The average occupancy rate of these properties reached 80% by the end of 2020.
“A year ago, during the first wave of the coronavirus pandemic, investors held back for a while from making any purchase decisions on the office real estate market. However, the situation did not last long, which is demonstrated by the high final value of transactions at the end of 2020 and very high investor activity in the first quarter of this year. The sale of office properties by Immofinanz proves that office buildings are still an attractive asset. Foreign investors appreciate the high rate of return on Warsaw’s office buildings compared to those in Western Europe, while maintaining a high standard of properties and relatively low rents,” said Piotr Mirowski, senior partner and head of Investment Services at Colliers.