News Article Immofinanz Indotek investment office Poland Warsaw
by Property Forum | Investment

Immofinanz has sold four office buildings in Warsaw to the Indotek Group, a Hungarian real estate firm. The buildings have a total rental space of approximately 45,300 sqm. The sales price amounts to €72.5 million.

“Following the acquisition of our Warsaw Spire myhive landmark, the process of focusing our Warsaw standing investment office portfolio on our innovative myhive office brand is at an advanced stage. The transaction with the Indotek Group was signed before the outbreak of the Covid-19 pandemic –  we are pleased to have now successfully finalised the sale”, stated Dietmar Reindl, COO of Immofinanz.

The office properties sold are located in the Warsaw districts of Mokotow, Ochota as well as Włochy and had an average occupancy rate of 80% at the end of December 2020.

Throughout the process, Immofinanz was represented by Penteris Law Firm in Warsaw, the buyer by Greenberg Traurig.

Indotek is not the first Hungarian company to acquire Polish assets in recent months. Just to name the largest deals: Wing became the majority owner of Polish real estate developer Echo Investment, Futureal’s Cordia bought shares in Polnord, Adventum made four office purchases and the fund managed by Optima, which manages the assets of the Hungarian National Bank’s (MNB) foundations, acquired a majority stake in GTC which has a large office portfolio in Poland.