LaSalle acquires Warsaw office building for Encore+

Warsaw office building
Image : Ghelamco

LaSalle has acquired Warsaw office building, Wronia 31, from Ghelamco, on behalf of the pan-European fund Encore+.

The building is located in west zone, Warsaw’s fastest developing market and an area with very strong tenant demand from  blue chip companies and situated right next to the Warsaw Spire and to a variety of public transport options.

This asset is a newly built high-quality office building of 16,667 m² over 14 floors, with a multi-tenant structure. The building benefits from an Outstanding BREAAM rating and recently won the international BREEAM Awards 2019 competition in the category of Regional Award Central and Eastern Europe.

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David Ironside, Fund Manager for Encore+, says: “This is an excellent acquisition for Encore+ where the asset characteristics of geography, sector and micro-location are all in line with the Fund’s investment targets; moreover it increases our exposure to the growing Central European office market and the economic growth in Warsaw.”

Francesco Coviello, Head of Transactions for Central and Southern Europe at LaSalle, says: “This is a very well-located asset in an area with much lower vacancy rates than the rest of Warsaw. As such this is an excellent fit for LaSalle’s flagship pan-European fund and highlights our local knowledge in Poland and our ability to source high quality assets.”

The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns.

Source: La Salle