Invesco Real Estate has purchased Q22, a 39-storey office building in Warsaw, from developer Echo Investment for €230.2 mln.
The deal, which was brokered on Invesco's behalf by Colliers International, covers the retail and office building as well as the land plot. It is the largest investment transaction in the Polish office market and one of the biggest in Central and Eastern Europe in 2016, Colliers said.
'We are delighted to become the owner of Q22, Warsaw's newest high-rise property in its CBD offering both office and retail facilities to high modern specifications,' said Paddy Bingham, managing director, fund management – Europe, Invesco Real Estate. 'Not only have we diversified our core portfolio with this acquisition, the quality of the asset adds value to the portfolio by increasing the income return for the strategy and ultimately the performance for our investors.'
The 53,000 m2 property's tenants include Deloitte, Allegro, Linklaters, William Demant, CitiBank, Savills, White and Case, Griffin Real Estate as well as Echo Polska Properties and Echo Investment.
Q22 was designed by award-winning local architects Kurylowic & Associates and recently won the prestigious 'Prime Property Prize 2016 in Architecture' and 'Office Investment of the Year Award' - BREEAM Excellent certificate.
'Given Invesco Real Estate’s extensive experience and track record in CE, we have access to such off-market investment opportunities and this becomes even more important during times when there is lack of comparable opportunities,' said Tomas Picha, senior director - CEE Transactions, Invesco Real Estate. 'With an impressive tenant line up this demonstrates that Q22 is one of the most well-regarded assets in the city centre of Warsaw.'
With the acquisition of Q22, Invesco now has over €800 mln invested in Polish real estate with additional projects in the pipeline.