Joining the 'A' list

Difficult choicesAccording to Ernst & Young, just 1.4 pct of the global capital earmarked for purchasing properties abroad was invested in Warsaw in 2012. "This is nearly ten times less than for London and almost four times less than for Paris. The stable and mature markets of Western and Central Europe do represent competition for Warsaw, as well as such maturing markets as Brazil. The cap rates there are nearly twice as high as in Poland," remarks Katarzyna Gerl, a partner in the property department of Ernst & Young Corporate Finance. Warsaw is the only city in the CEE region regarded as a core market by the majority of investors. "However, compared to other leading cities in Europe it has a limited number of top class assets available for purchase," Katarzyna Gerl points out. Michał Rokosz, the director of the property department at Deloitte, agrees. "Funds are looking for projects in the range of EUR 50-70 mln situated in the centre of Warsaw, with a price that reflects a