The sale of Q22 skyscraper located on al. Jana Pawła II in Warsaw has been completed and Invesco Real Estate has become the new owner of the building. Echo Investment expects that the value of the transaction based on fully let NOI and an agreed yield, after all adjustments and additional payments, shall amount to €273 million. The acquisition of Q22 is the largest investment transactions in the office market in Poland and one of the biggest in Central and Eastern Europe in 2016.
The amount of €230 million has been already paid. The remaining part of the price will be transferred during 2017, when all tenants move into the building.
The story of Q22 started five years ago, when Echo Investment bought an old hotel building at the junction of al. Jana Pawła and Grzybowska Street in the centre of Warsaw. Since then, the company has managed to demolish the previous building, design the modern skyscraper with Kuryłowicz&Associates studio, complete the construction works and lease 82% of its 53,000 sqm GLA space. In few weeks, new leases for up to 90% of space are expected.
Q22’s construction was completed in July 2016. The list of its tenants includes such names as Deloitte, Allegro, Linklaters, William Demant, Vestor DM, Citi Handlowy, Savills and White and Case, as well as Griffin Real Estate, Echo Polska Properties and Echo Investment itself.
About Invesco Real Estate (IRE) is a global real estate firm, which has been providing real estate investment and property asset management services since 1983, first in the US and then expanding into Europe and Asia. Globally, IRE has US$71bn of assets under management and over 443 staff in 21 offices around the world. In Europe, they have eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw, and around 140 employees. IRE manages 128 assets across 12 European countries and has US$8.2bn of assets under management.
Piotr Pikiewicz has joined the 7R team. In the role of Head of Project & Corporate Debt, he will lead the team responsible for project and corporate financing at 7R Group.
Tiberius Poland, a company that is part of the international Teddy Group, which owns the Terranova, Calliope and Rinascimento brands, has signed a five-year lease agreement with Gemini Park Tarnów (southern Poland). The nearly 500-square-meter space will house a Terranova brand store. It is scheduled to open in early December 2024.
RRmoto, a retailer of motorcycle clothing and accessories, has joined the tenants of Morski Park Handlowy in Gdańsk. Its store will occupy 1,140 sqm of space. Cushman & Wakefield brokered the transaction and provided advice during the lease negotiation.
New appointments
Wrocław's Quorum complex, owned by the Cavatina group, has gained another tenant from the IT sector. The Hexe Capital Group will move to the Quorum D building, which is part of it, and will occupy about 720 sqm of space on the fourth floor there.
Panattoni has announced personnel appointments in its Capital Markets Poland division. Damian Stężycki has been appointed as Managing Director and Joanna Kawrowska together with Michał Stanisławski will take the role of the Co-Heads of the department.
Marvipol Development S.A. has announced the appointment of Andrzej Nizio to the company's Management Board. He will serve as vice-president of the board for another two-year term.
Gestor, a Hungarian private real estate investment and asset management company has acquired the Portal Mediterraneo retail park in Spain from Mitiska REIM. Savills acted as an intermediary in the successful transaction.
The construction of Przystanek Karkonosze, which is being developed in Miłków on the outskirts of Karpacz (southern Poland), has started. Redkom Development, which is developing the facility, has announced that the complex will be delivered in Q2/Q3 2025
Bogdan Papandopol, Partner and Head of Dentons’ Global Real Estate Group in Bucharest, talked to Property Forum about the growing investments in green property projects and the reduction of lease terms in the commercial sector.
Property Forum is a leading event hub in the CEE real estate industry with over 10 years of experience. We organise conferences, business breakfasts and workshops focused on real estate, in London, Vienna, Warsaw, Budapest, Bucharest, Bratislava, Prague, Zagreb and Sofia, amongst other locations.
I have read the Privacy Policy of International Property Network Inc. and I consent to International Property Network Inc. sending me newsletters and managing my personal data provided for this purpose.