PL

Prime to change hands for app. EUR 90 mln

Investment & finance
POLAND Golub GetHouse has agreed to sell the Prime Corporate Center office tower in Warsaw to Warburg-HIH Invest Real Estate.

According to our sources, the value of the transaction in the preliminary agreement comes to app. EUR 90 mln (app. 4,500 sqm per sqm) – a yield of 5.3 pct, which would be the lowest in record for the Warsaw office market. The transaction, which has the form of an asset deal, was carried out as a club deal for four separate accounts of German institutional investors. The 21,000 sqm office tower at ul. Grzybowska 76/78 is fully leased and will be occupied for ten years by Raiffeisen Polbank, which is opening its new headquarters in the building. The average monthly rent in the building is EUR 17.5 per sqm. The transaction is due to be closed by June this year.

The seller was advised by Clifford Chance (legal), Savills and JLL (investment advisers), while the buyer was advised by Hogan Lovells (legal), TPA Horwath (tax), CMT (technical acquisition due diligence) as well as Cushman & Wakefield and MF Capital (investment advisers). The general contractor of the Prime Corporate Center development is Warbud, which has completed construction on schedule. The building was designed by Chicago studio Solomon Cordwell Buenz in cooperation with Epstein’s Warsaw studio. The office building is BREEAM ‘Very good’ certified.

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