ARTICLES LABELLED WITH TAG Warsaw

Warburg-HIH Invest Real Estate GmbH (Warburg-HIH Invest) has finalised the Sales & Purchase Agreement for the office property Prime Corporate Center in the city centre of Warsaw. The transaction, which took the form of an asset deal, was carried out as a club deal for four separate accounts of German institutional investors. The property has been sold by the Warsaw-based developer Golub GetHouse. The buyer was represented in this transaction by Cushman & Wakefield.

Invesco Real Estate (IRE) has announced the sale of Zaulek Piekna office building on behalf of one of its separate account clients in Germany to GLL Real Estate Partners GmbH.

The total modern office stock in Warsaw reached 4.75 million sqm at the end of Q1 2016. As much as ca. 75% of this space is located in the central Core and Fringe zones, as well as Upper South and South West. Cushman & Wakefield has published the sixth edition of their Skyline Tracker report, outlining developers’ activity in the Warsaw office market.

Acting in its capacity as advisor for a German depositary bank, who is currently administrating the German Special-AIF UBS (D) Sector 3 Real Estate Europe, UBS Real Estate GmbH has sold the Nova Praga office building in Warsaw to Mazovia Capital. Cushman & Wakefield and Magnusson Law represented the vendor in the transaction. The building will now be known as Mazovia Plaza.

According to the latest report by Cushman & Wakefield Q1 2016 saw a rapid growth in the supply of office space in Warsaw, which more than doubled the results for the same period in 2015. Due to the record-breaking levels of supply vacancy rates have increased by 1.9 pps to 14.1%. Although statistics show a fall in net absorption, this is probably a temporary decrease in the light of last year’s exceptionally high growth. Cushman & Wakefield expects the office market to continue its growth in the remaining months of 2016, with pipeline supply estimated at 330,000 sq m.