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.
The Rossmann chain has signed a contract with DL Invest Group to lease several hundred square metres of space in the newly built DL Shopping Mikołów retail park in Silesia, Poland.
A café from the Green Caffè Nero chain has opened at Centrum Praskie Koneser, a revitalised mixed-use complex in Warsaw. The restaurant has taken up an area of 233 sqm.
A Venezia brand shop has reopened in Kraków's Bonarka shopping centre. The store is approximately 160 sqm in size and has been decorated in a new concept.
New appointments
Piotr Herian has taken up the position of ISS CFO for Poland and the Baltics. ISS is a leading company in the creation of friendly workplaces and comprehensive facilities management.
Paulina Strutyńska has been promoted to the position of Leasing & Asset Director at Skanska’s commercial development business unit. She is now responsible for leasing processes in the Warsaw market as well as Key Customer Management. Agnieszka Krawczyk-Rogowska is responsible for project commercialization and client liaison in Gdańsk, Kraków, and Bucharest, while Marek Stasieńko is responsible for the Wrocław, Poznań, and Łódź markets.
The Supervisory Board of Globe Trade Centre S.A. has appointed Balázs Gosztonyi as a member of the Management Board of GTC S.A. Balázs Gosztonyi has held the position of Chief Financial Officer at GTC Hungary since January 2024. He joined GTC Group in September 2023 as Group Controlling Director.
Tina Paillet, President of RICS, talked to Property Forum at Mipim about the real estate industry's crucial role in addressing climate change. She highlighted the sector's significant environmental impact and emphasized the need for the industry to become a force for good.
The execution of the extension of the Galeria Teplice shopping centre in northwestern Bohemia is planned for the third quarter of 2024. The project investor is the company Dandreet, and the general designer is Obermeyer Helika.
JTRE has opened its residential project Downtown Yards in Bratislava for pre-sale and 20% of the stock is gone. This may indicate the asset class's return to a healthier status after a two-year slowdown.
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