Waresco purchased by Europolis

Waresco Sp. z o.o., the owner of the Sienna Center office building in the Polish capital Warsaw, has been purchased by Europolis Invest, an Austrian investor.

Sienna Center is a landmark office building in downtown Warsaw developed by Waresco. It is located in the prime business district of Warsaw, in Wola, west of Al. Jana Paw³a II and Rondo ONZ, enclosed by Sienna, Twarda and ¯elazna streets. It was completed in January 1998 and comprises three interconnecting office buildings arranged around a central courtyard providing the net office area of 20,350 sq m on nine floors.

The first tenants to sign up at an early stage were Allen & Overy and Nokia followed by PTK Centertel, Cigna, Lockheed Martin International, Oracle, Servier, The Boston Consulting Group and Cushman & Wakefield Healey & Baker. The building was designed by Jerzy Czy¿ and Leszek Klajnert from Projekt - a Polish-Belgian architectural company.

Waresco Sp. z o. o. is a joint venture company whose shareholders are two experienced Belgian companies, namely Buelens Real Estate and Compagnie Immobiliere de Belgique - each having 50% interest. The project required financing in the form of equity provided by Waresco’s shareholders with external funding from the European Bank for Reconstruction and Development and the Generale Bank of Belgium, which supported this project from the outset.

By purchasing Waresco’s shares, Europolis Invest has made a further step in its strategy of expansion in Central and Eastern Europe, where the company has already purchased three office buildings and a warehouse park in Warsaw, two office buildings in Budapest and an office building in Prague. Shares in the Europolis portfolio are held by the Investkredit Group (65%) and the European Bank for Reconstruction and Development (35%).

(source: Cushman & Wakefield)

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