Germany-based asset manager KGAL Investment Management has added a multi-tenant office property to its real estate portfolio in Warsaw, Poand.
The company purchased the property, Villa Office, on behalf of a pan-European real estate special Alternative Investment Fund (AIF) from Polish developer, Echo Investment S.A., for €87 million.
The Villa Office comprises a total of around 16,700 square meters of office and restaurant space spread over 14 floors. The majority is leased on a long-term basis to high profile international companies such as Accenture, a financial institution and WeWork.
Thanks to its sustained positive economic and demographic development, Warsaw has one of the most dynamic office markets in Eastern Europe, said KGAL in a statement.
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“Villa Office impresses with its urban location and its high standards of architecture, sustainability and quality of stay. In particular the different facilities available on the former brewery site make the location highly attractive,” said André Zücker, Managing Director of KGAL Investment Management with responsibility for the real estate asset class.
The multi-tenant property located on ul. Grzybowska was completed in 2020 and has a BREEAM Excellent rating. It is part of a larger district development project on a former brewery site, where 50,000 square meters of office space and 10,000 square meters of restaurant space will be built alongside 1,000 residential units.