Proximo I in Warsaw sold for over 116 million euros

Hines, the international real estate firm has announced the sale of the Proximo I office building by Hines Russia & Poland Fund for ČS nemovitostní fond (CSNF), managed by REICO investiční společnost České spořitelny.

The transaction is valued at EUR 116.6 mln. High-class building located right next to the subway station “Rondo Daszyńskiego” was officially opened in June 2016, and the level of its commercialization exceeds 95%. HRPF fund is managed and financed by Hines.

“We are very happy to have transacted with a reliable and stable investor like REICO.  I would like to thank both teams and their advisors for hard work and dedication to this transaction which have led to a very satisfying conclusion for the Buyer and the Seller,” said Wojciech Rumian, Member of the Management Board of Hines Polska.

“The CSNF portfolio is currently undergoing a substantial rebalancing program. Acquisition of Proximo I from a renowned developer Hines represents an important step towards regional diversification of our risk exposures and access to prime product which is hard to get in our home markets, the Czech Republic and Slovakia,” said Tomáš Jandík, Chief Investment Officer at REICO IS ČS.

The seller was represented by Cushman & Wakefield, Crido and Dentons whereas the purchaser was advised by international advisory firms CBRE, CMS, TPA and DIL. Proximo I is a 15-storey office building with a total of 28,385 square meters of A-class space on 12 floors, including approximately 2,000 square meters of commercial space on the ground floor and first floor. On the three levels of the underground car park there are 435 parking spaces. For the convenience of cyclists additional infrastructure has been planned, such as: showers, changing rooms, veturilo station, stands and bicycle paths along the building. A restaurant, a café, a hairdresser and beauty salon, as well as an inner courtyard with street furniture add to the friendly, yet practical feel of the complex.

The building was designed by well-known British architectural studio Rolfe Judd. The legendary Italian Pininfarina studio was responsible for the architecture of the lobby and selected common spaces at Proximo, for which it was a debut project in the Polish real estate market. HOCHTIEF Polska was the general contractor for the first stage of the Proximo scheme. The building has received the international green certificate BREEAM ‘Excellent’.

The building’s largest tenant is the local branch of American manufacturing company Stanley Black & Decker, which occupies approximately 17 percent of the total leasable area. Along with Polish advisory company Grupa Pracuj and Japanese pharmaceutical company Takeda, they take up around 40 percent of the building’s total leasable area. Other tenants include the branch offices of international companies such as Manpower, Six and Hines Polska.

 

Press release by Hines Polska.

August 08, 2017
Record demand for office space in Warsaw in H1
At the end of the H1 2017, total supply in the nine major markets in…
August 09, 2017
Bucharest welcomes new FDIs
Romania is on the rise. After spectacular 2016 economic results and a record-breaking FDI level…
Written by: Hines Polska