Madison International Realty has acquired a stake in the newly developed Chmielna 89 office building in Warsaw’s CBD from the Cavatina Group. The acquisition values the project at over €100 million. Chmielna 89 is fully let to Poland’s largest, PKO BP, on a ten-year lease.
The building offers over 25,000 sqm of Class A office space and is fitted with a number of features to promote occupier wellness including 2.8 m windows to allow for maximum daylight, state of the art air conditioning systems, 11 lifts and a series of distinctive green terraces providing 370 sqm of outside space. The office accommodation is served by 644 sqm of ‘in-house’ amenities on the ground floor, including retail dining and café areas. The building is further served by 122 parking spaces across two underground levels. Chmielna 89 has been awarded a BREEAM excellent certificate.
“Through this transaction, we have secured a stake in a brand new landmark office in Warsaw CBD which is fully let on a long lease to Poland’s largest and best-known banks, PKO PB, at an attractive yield. We are strong believers in both the strength of the prime Warsaw office market and, more generally, the important role we believe the office will continue to play in the daily working lives of people post COVID. This acquisition further extends our Polish portfolio, following our purchases of a 66% stake in Capital Park last year and our investment into the ELI logistics platform. The transaction is typical of our investment approach whereby we find partners wishing to partially exit their investments in order to recycle capital to in other projects and we now look forward to working with the Cavatina team,” Matthias Cordier, Managing Director at Madison International Realty commented.
