Invesco Real Estate finishes 2014 with landmark transaction in Poland (PO)

Invesco Real Estate (IRE), a global real estate investment manager, is pleased to announce that it acquired Warsaw’s Plac Unii on 18th December for approx. €226 million; which was one of the biggest real estate deals in Poland in 2014. The asset was acquired on behalf of Bayerische Versorgungskammer (BVK) and Nordrheinische Ärzteversorgung (NAEV) as part of a joint venture deal between the firm’s two German separate account clients.
Tomas Picha, Director - CEE Transactions at IRE comments: “Our successful acquisition of this prestigious asset confirms the continued demand among institutional investors for core assets in Poland. We are seeing significant appetite for good quality assets, let to strong tenants in this region as well as the Czech Republic. The timing was optimal for us to acquire Plac Unii for our separate account clients, who are very pleased with our ability to access such a unique property for them. Having a local presence, deep local market knowledge and over a decade of investing in the region means IRE is well-placed to undertake such transactions.”
The 56,800 m² modern, prime mixed-use scheme, which opened in October 2013, features a combination of 41,300 m² of Class A office space on the upper levels and a 15,500 m² City Shopping Gallery on the lower floors. As one of the most unique and prestigious landmark assets in Warsaw, Plac Unii is well-positioned to attract strong local and international tenants which includes ING Bank, Dalkia and H&M, and benefits from being located in an upmarket area in the fringe of Warsaw’s CBD, close to key transport hubs. In addition, it also benefits from a “Very Good” BREEAM certification.
In IRE’s view, the continued economic development of Poland, makes the market interesting, providing the possibility of achieving outperformance compared to core Europe.
Invesco Real Estate was advised by Cushman and Wakefield, Deloitte, Hogan Lovells and Arcadis EC Harris on this transaction. Plac Unii was purchased from Liebrecht & wooD and BBI Development.
Source: Invesco