KGAL buys Warsaw office project for special fund

German independent investment and asset manager KGAL has announced the acquisition of the Prosta Office Centre (POC) in Warsaw, its second acquisition in the city.

The acquisition from landlord Cromwell Property Group follows KGAL's purchase in 2018 of the Spark office complex. Both assets were acquired for a Europe-wide special real estate AIF.

Financial details were not disclosed.

The Prosta Office Centre is located in the Wola district to the west of the city centre. Completed in 2006, the complex comprises around 21,000 m2 of office and retail space over 11 upper floors and three lower floors. Tenants include companies from the IT and advertising sectors, as well as financial service providers.

'Today we are securing a location that tomorrow will be part of the new Warsaw city centre,' said André Zücker, managing director Real Estate at KGAL Investment Management GmbH.

DLA Piper and Colliers International advised KGAL. Savills advised the seller.

 

 

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