News Article Hines investment office Poland REICO Warsaw
by Ákos Budai | Investment

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.