Q22 sold

Invesco has already paid EUR 230 mln of the eventual sales price, which is to be calculated after a year of operations. “Echo is proud of having completed and sold Q22 office building to such a reputable investor as Invesco Real Estate. In Invesco’s real estate portfolio Q22 will continue being the most prestigious building in Warsaw for many years ahead. The transaction is clearly in line with Echo's strategy of being a pure developer, focusing on development and selling its buildings as soon as they are leased up” says Nicklas Lindberg, the CEO of Echo Investment. “We are delighted to become the owner of Q22, Warsaw’s newest high-rise property in its CBD offering both office and retail facilities to high modern specifications. Not only have we diversified our core portfolio with this acquisition, the quality of the asset adds value to the portfolio by increasing the income return for the strategy and ultimately the performance for our investors” comments Paddy Bingham, the managing director for fund management in Europe at Invesco Real Estate. The 53,000 sqm building, which was designed by Kuryłowicz & Associates and completed in July 2016, is currently 82 pct leased with negotiations underway that should bring the commercialisation up to 90 pct in the coming weeks. The tenants include Deloitte, Allegro, Linklaters, William Demant, Vestor DM, Citi Handlowy, Savills and White and Case.