CPI buys Eurocentrum office in Warsaw as part of €800m investing spree

Czech investor CPI Property Group (CPI) has closed the purchase of the Eurocentrum office building in Warsaw, Poland, from Capital Park as part of a €800 mln investment spree in the Polish capital.

Financial details were not disclosed.

Eurocentrum boasts over 85,100 m2 of gross lettable area and is located on Aleje Jerozolimskie (Jerusalem Avenue), in one of the most sought-after business districts close to the city center. The property is LEED Platinum certified, and is the largest green certified office complex in Warsaw. Occupancy is nearly 100% with tenants including major companies such as Unilever, Coty, Group One and Randstad.

'The acquisition of Eurocentrum further enhances the Group’s footprint in the Warsaw office market, and demonstrates the strong progress we are making on our acquisition pipeline,' said Tomas Salajka, head of Acquisitions and Asset Management for CPI.

The deal is part of a €800 mln investing spree announced by CPI last month and due to complete by the first quarter of next year. In the past weeks the company also bought the Equator IV office building and signed preliminary purchase agreements for two other offices - Green Corner A and Equator II. 'Discussions on several other significant assets are also in advanced stages,' the company said in a statement.

'There is undoubtedly a very interesting and busy end of year ahead of us. We forecast that this year's transactions in Poland's office industry will be a record total of over €3.6 bn,' commented Marcin Sulewski, director in Office and Industrial Investment, JLL, which advised the buyer on the transaction.

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