ARTICLES LABELLED WITH TAG Wroclaw

The Spanish Azora Europa I Fund has closed the disposal of Aquarius Business House office complex in Wrocław, which has been acquired by the international fund CBRE Global Investors. Avison Young’s investment team represented the buyer.

Savills has been appointed as sole adviser to M7 Real Estate for the fund’s entire office portfolio. Savills will be responsible for office space leasing and property management. The portfolio comprises a total of approximately 73,500 sqm across seven buildings located in four cities: Warsaw, Krakow, Wroclaw and Katowice.

In October 2021, global IT leader GlobalLogic will occupy 10,000 sqm under a new lease agreement in Wrocław Business Park – Strzegomska Park. The landlord will pull down part of the existing office complex to make way for a new bespoke building to fulfil the tenant’s requirements - the first such transaction in the history of the Wrocław office market. With this deal, GlobalLogic, as a leader in the IT industry, is, therefore, setting new trends on the local office market. GlobalLogic was advised on the transaction by Cushman & Wakefield.

Via a subsidiary, TAG Immobilien AG signed an investment agreement to acquire 100% of the shares in Vantage Development S.A. with a simultaneous carve-out of its commercial real estate business which will be repurchased by the selling shareholders. The total transaction consideration amounts to c. €131 million, of which c. €46 million relate to the commercial real estate business unit. As a result, the total net consideration for TAG amounts to c. €85 million for the residential business and platform of Vantage Development.

Prologis is expending Building 2 of Prologis Park Wrocław V with 16,500 square meters. The new investment is specifically tailored for two companies with very different backgrounds, but working towards the same goal: effective storage and distribution, both in the local market of Lower Silesia and across Poland.

ATAL SA – a Polish developer – selected Knight Frank as its exclusive agent to commercialize the Krakowska 35 office property in Wrocław. The consultancy will also manage the property. The edifice with a total area of ca. 14,000 sqm will be handed over for use in Q1 2021.

Wrocław is one of the most rapidly developing business centres in Poland and the third largest office market in the country. The city's office supply at the end of the first half of 2019 was 1.1 million sqm. The attractiveness of the Wrocław market is luring many employees from other cities, and as a result, up to 75% of specialists in Wrocław's business services sector are from outside the city, according to JLL.

Resi4Rent, the first institutional privately-run platform of apartments for rent in Poland, has been granted a use permit to its first building at Rychtalska street in Wrocław. Fitting-out works of apartments are in progress and soon residents will move into the building.

MLP Group is set to build a second logistics park in the Wrocław area. The MLP Wrocław West project will deliver a total of 70,000 sqm of modern space, the first handovers slated for October 2020.

Skanska has sold two office buildings in Poland – Nowy Targ in Wroclaw and High5ive in Krakow –to real estate funds managed by Credit Suisse Asset Management Global Real Estate.