Czech investor CPI Property Group has completed the acquisition of the Eurocentrum office complex in Warsaw from Capital Park. JLL advised the buyer on the transaction.
“This is CPI Property Group's second transaction finalized on the Warsaw office market in recent weeks. This agreement confirms the unflagging potential of the capital's office sector, where the impressive activity of developers goes hand in hand with great investor interest. Investors are focusing on both new buildings as well as schemes with an established position among Warsaw tenants. There is undoubtedly a very interesting and busy end of the year ahead of us. We forecast that this year's transactions in Poland's office industry will be a record total of over €3.6 billion”, comments Marcin Sulewski, Director in Office and Industrial Investment, JLL.
Eurocentrum boasts over 85,100 square metres of gross lettable area and is located on Aleje Jerozolimskie, in one of the most sought-after business districts close to the city centre. The property is LEED Platinum certified and is the largest green-certified office complex in Warsaw. Occupancy is nearly 100% with high-quality tenants such as Unilever, COTY, Group One, Randstad, SAGE, PSE S.A., and Urząd Transportu Kolejowego among others.
“The acquisition of Eurocentrum further enhances the Group’s footprint in the Warsaw office market, and demonstrates the strong progress we are making on our acquisition pipeline,” said Tomas Salajka, Head of Acquisitions and Asset Management for CPIPG.
On 8 October 2019, CPIPG announced plans to invest more than €800 million in Warsaw offices during Q4 2019 and early Q1 2020. Since that time, the acquisitions of Equator IV and Eurocentrum have closed and preliminary purchase agreements have been signed for Green Corner A and Equator II. Discussions on several other significant assets are also in advanced stages.
“For the last 12 years as owners of the project we created a totally new kind of real estate property which redefined the local submarket and now plays a dominant role in the Upper Jerozolimskie corridor,” said Marcin Juszczyk, member of the management board, Capital Park Group. “Eurocentrum Office Complex stands out in terms of design and quality. We are happy to pass the project into the right hands, and are confident the project will add a lot of value and generate profits for CPIPG going forward.”
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