Adgar turns to Warsaw’s centre

The property includes a 0.87 ha plot and has a gla of around 4,000 sqm on seven storeys and one underground level. With the acquisition, Adgar’s portfolio has grown to twelve properties with a book value of PLN 1.1 bln. Adgar is planning to adapt its concepts that are well-known from its other properties to the Czackiego street property including the Brain Embassy and its BeYourself co working concept. “The building on Czackiego street has a very interesting history, and we are going to put in every effort to make it once again exceptional. We would like to open the building in Q4 2019 but we still need to finish the work, and this is going to cost several million euros,” says Eyal Litwin the country manager of Adgar Poland.
Adgar is also planning to make further investments in the country and is looking for properties outside of Warsaw, where it has up until now been focused. “We are also looking for opportunities in Wrocław and Poznań. Gdańsk is another interesting city and Łódź also has assets. We are interested in properties that are not completely dependent on the joint service sector and we are only looking at buildings in city centres. We are also interested in Warsaw’s Praga district but it is still too early for us there. We need a ready-made eco-system that will support offices, which is not yet there and we need at least two to three years for this to have been developed,” he adds. As for disposals, “We aren’t thinking about sales for now,” says Eyal Litwin.