The Cedet building, located in central Warsaw, has been sold to a fund managed by GLL Real Estate Partners on behalf of Korean investors for €129.5 million. pbb Deutsche Pfandbriefbank provided a credit facility of €75.4 million to the buyer.
The Cedet building is situated in central Warsaw, in the very heart of the Central Business District and the commercial area of the city, with abundant transport access and amenities. The building has regained its former glory after three years of restoration works. It also meets the strictest environmental criteria, with BREEAM, the building research establishment environmental assessment method, having certified Cedet as “Excellent”.
This new complex, measuring more than 22,000 sqm, is split between more than 15,000 sqm of office space and 7,000 sqm of commercial space. The entire office space was let even before the building was delivered in July 2018.
"We are very pleased to support GLL and their client in this acquisition. CEDET is a landmark building which has been restored to its former glory and we are proud of being involved in this project. We are looking forward to supporting GLL and their investors in similar transactions in CEE and beyond,” Charles Balch, Head of International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said.
"We are delighted with the development and the sale of this emblematic building which combines heritage and modernity to such a reputable investor. This is a great recognition of the efforts made by our teams in recent years," says Jacek Wachowicz, CEO of Immobel Poland, a subsidiary of Immobel Group.
