News Article Echo Investment completes sale of Q22
by Ákos Budai | Investment

The sale of Q22 skyscraper located on al. Jana Pawła II in Warsaw has been completed and Invesco Real Estate has become the new owner of the building. Echo Investment expects that the value of the transaction based on fully let NOI and an agreed yield, after all adjustments and additional payments, shall amount to €273 million. The acquisition of Q22 is the largest investment transactions in the office market in Poland and one of the biggest in Central and Eastern Europe in 2016.

The amount of €230 million has been already paid. The remaining part of the price will be transferred during 2017, when all tenants move into the building.
 
The story of Q22 started five years ago, when Echo Investment bought an old hotel building at the junction of al. Jana Pawła and Grzybowska Street in the centre of Warsaw. Since then, the company has managed to demolish the previous building, design the modern skyscraper with Kuryłowicz&Associates studio, complete the construction works and lease 82% of its 53,000 sqm GLA space. In few weeks, new leases for up to 90% of space are expected.
 
Photo: echo.com.pl

Q22’s construction was completed in July 2016. The list of its tenants includes such names as Deloitte, Allegro, Linklaters, William Demant, Vestor DM, Citi Handlowy, Savills and White and Case, as well as Griffin Real Estate, Echo Polska Properties and Echo Investment itself.

About Invesco Real Estate (IRE) is a global real estate firm, which has been providing real estate investment and property asset management services since 1983, first in the US and then expanding into Europe and Asia. Globally, IRE has US$71bn of assets under management and over 443 staff in 21 offices around the world. In Europe, they have eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw, and around 140 employees. IRE manages 128 assets across 12 European countries and has US$8.2bn of assets under management.