Hines sells Warsaw’s Proximo I for €117 million
9th August 2017 | Ákos Budai
Hines has sold the Proximo I office building from the portfolio of the Hines Russia & Poland Fund to the CSNF fund, which is managed by Czech investor REICO IS ČS, for €116.6 million.
The office building, located next to the Rondo Daszyńskiego metro station in Warsaw, was opened in June 2016 and is currently 95 per cent leased. Proximo I is a 12-storey office building with a total of 28,385 sqm of Class A space including approximately 2,000 sqm of retail space on the ground and first floor. The building also has a three-level underground car park with spaces for 435 vehicles. The building is BREEAM certified with a rating of ‘Excellent’. Stanley Black & Decker is the largest tenant with 17 per cent of the space and the other tenants include Grupa Pracuj and Takeda.
“The CSNF portfolio is currently undergoing a substantial programme to rebalance the risk. The acquisition of Proximo I from a renowned developer like Hines represents an important step towards diversifying our regional risk exposure. With the purchase of Proximo 1, we’ve gained access to the kind of prime product that is ever harder to come by in our home markets of the Czech Republic and Slovakia," said Tomáš Jandík, Chief Investment Officer at REICO IS ČS.
The seller was represented by Cushman&Wakefield, Crido and Dentons whereas the purchaser was advised by CBRE, CMS, TPA and DIL.
- 2017-08-18 15:10 | BNP Paribas Real Estate manages Warsaw’s Wronia 31
- 2017-08-17 16:36 | Poland in Europe's top 3 for industrial space demand
- 2017-08-17 12:36 | Prague office market vacancy rate decreases
- 2017-08-16 22:27 | Bulgarian shopping centre rents increase
- 2017-08-16 16:29 | Cautious start of the year in Slovakia
- 2017-08-16 16:25 | Warsaw office market enters next stage of maturity
- 2017-08-16 12:38 | Star Capital buys two Czech shopping centres
- 2017-08-16 10:48 | Immofinanz appoints Savills as PM in the Czech Republic
- 2017-08-16 10:42 | New records set on Poland's office market
- 2017-08-14 12:59 | CEE hotel investment market set to outperform 2016