Tristan CCPIII Fund Acquires Grade-A Warsaw Office Complex for €121 Million
Source: Tristan Capital Partners Press Release
The CCPIII core plus real estate fund advised by Tristan Capital Partners has agreed to acquire a Grade-A office complex in Warsaw’s Mokotow Business District from Ghelamco Group for a net €121 million.
The 43,744 square-metre Nova office complex is U-shaped, with the two main buildings divided to create four separate sections. The property was developed by Ghelamco’s Polish affiliate, which completed the second phase in January 2012. The asset is 90% occupied by tenants such as Gothaer, BMW Group, and LG Electronics, with half the remaining space expected to lease in the coming weeks.
Daniel Harris, Managing Director at Tristan Capital Partners, said: “Poland has been a favourite market for the fund and we are delighted to have acquired this asset at an attractive price in one of Europe’s most prestigious and largest business districts located outside a city centre. This takes the CCPIII fund closer to being fully invested.”
Mokotow Business District lies to the south of Warsaw and enjoys excellent connections to the rest of the city. The property provides more than 1,000 parking places and is five minutes walk from the Galeria Mokotow, one of Poland’s most up-to-date centres for shopping and entertainment.
Advisors involved in this transaction were CBRE, Dentons and cmT.