Real estate asset and investment manager GalCap Europe has acquired the Koszykowa 54 office building in Warsaw. The seller is a mutual fund managed by UBS Real Estate GmbH. The office building was acquired under the mandate of a German pension fund and complements the existing CEE component within the investor's individual fund structure, which is managed by 2IP Institutional Investment Partners.
The office complex of two building parts connected on floors 2 to 6, each with its own reception, is located in the centre of Warsaw, only a few minutes' walk from Plac Konstytucji. The building’s tenants include two foreign embassies and the British Council, a non-profit organization that promotes international relations.
“The location brings excellent visibility and attractive surroundings,” explains Marco Kohla, Managing Partner of GalCap Europe and responsible for the transaction. "The sustainable rent level of tenants with a strong connection to the property as well as the potential of renting existing vacant space through active asset management offer security and potential for value growth in equal measure."
"The value of centrally located, functional offices in European capitals will remain solid in the long term, despite COVID-19," adds Kohla. “Our investors appreciate the fact that we recognize opportunities in the market even during the pandemic. In my opinion, local expertise and a close-knit network on site are the decisive factors in order to be able to implement purchase opportunities like these promptly. "
