Asian fund snaps up Warsaw mixed-use scheme for €130m

An Asian fund managed by GLL Real Estate Partners has emerged as the buyer of the Cedet office building in central Warsaw, Poland from Belgian developer Immobel for €129.5 mln.

The recently-renovated asset provides over 22,000 m2 of space split between 15,000 m² of office space and 7,000 m² of commercial space. It is fully let.

'We are delighted with the development and the sale of this emblematic building which combines heritage and modernity to such a reputable investor. This is a great recognition of the efforts made by our teams in recent years,' said Jacek Wachowicz, CEO of Immobel's Polish arm.

Last week GLL, through one of the funds it manages, also acquired the Gatehouse, the first office building of the Warsaw Brewery urban quarter development project, from local developer Echo Investment for €76.5 mln.

The newly completed building provides around 15,700 m2 of space and will be occupied from next year by L’Oréal Polska, Epam and WeWork.


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