Our European commercial real estate deals summary for 21 April features offices in Warsaw, Paris and Copenhagen. It also includes a Business Park in Prague.
Warsaw office portfolio
Location and details: Four office buildings – Bokserska Office Center, Cybernetyki Office Center, Tajfun and Brama Zachodnia – in Warsaw. They have a total rental space of approximately 45,300 sqm.
Buyer: Indotek Group
Price: €72.5 million
Dietmar Reindl, COO of IMMOFINANZ, says, “Following the acquisition of our Warsaw Spire myhive landmark, the process of focusing our Warsaw standing investment office portfolio on our innovative myhive office brand is at an advanced stage. The transaction with the Indotek Group was signed before the outbreak of the Covid-19 pandemic – we are pleased to have now successfully finalised the sale.”
Paris office refurbishment
Location and details: Office refurbishment in a prime location at 163 rue Saint-Maur, Paris, France. Barings plans to reposition and upgrade the property to Grade A standard.
Seller: Groupe Financière JL
Séverine Maumy-Laffineur, Managing Director and Country Head Real Estate France at Barings, says, “This transaction gave us an exciting opportunity to undertake a full refurbishment of an unusual and historic property and reposition it into a Grade A office. With a focus on high quality office and amenity space, occupier wellbeing and excellent environmental credentials, we have designed this building to meet the specific demands of the modern occupier in a post COVID world.”
Prime Copenhagen office
Location and details: CPH Highline building in Havneholmen is considered one of the most desirable locations in Copenhagen. It offers 17,000sqm of modern office space and is almost fully let to three users on a long-term basis.
Buyer: Aviva Investors
Grégoire Bailly-Salins, Head of Transaction for Continental Europe at Aviva Investors says, “Copenhagen is a core office market for our European strategy, whilst the acquisition of CPH Highline, which was developed to the highest environmental standards, also sits well as part of the decarbonisation of our overall investment portfolio.”Source: https://www.avivainvestors.com/en-gb/about/company-news/2021/04/aviva-investors-acquires-office-building-in-copenhagen/
Prague Business Park fetches €71 m
Location and details: Avenir Business Park is a The 25,600 sqm asset in Prague 5 between the city centre and Vaclav Havel International Airport
Buyer: AFI Europe
Seller: EPISO 4, an opportunistic real estate fund advised by Tristan Capital Partners
Price: €71 million
Fabian Meinsen, Executive Director at Tristan Capital Partners, says, “This business park had great potential when we acquired it thanks to its strategic location in western Prague. Following a substantial refurbishment programme, together with our Operating Partner, Mint, we have been able to increase occupancy from 60% to 98% and bring the campus to even more institutional quality. The successful disposal of the project in this time is testament to the strong interest from investors for well located and stablised products.”
If you liked our Our European commercial real estate deals summary for 21 April, see our previous deals round-up.