M7 buys 2 offices in Warsaw from Azora Europa

M7 Real Estate has acquired two office buildings in Warsaw, Poland, from Azora Europa.

Financial details were not disclosed.

The properties are Cristal Park and Mokotów Plaza. Cristal Park comprises 10,000 m2, and is fully let to Gaz-System and Barentz. Mokotów Plaza offers 15,400 m2 and is let to Securitas, KCR and BTS Studios. Both were completed in 2009.

M7 made the purchases on behalf of its M7 Polish Active Fund (POLAF).

Welcoming the acquisition, Katarzyna Parkot, managing director of M7 Real Estate in Poland, said: ‘We are delighted to grow our Assets Under Management in Poland with the acquisition of these properties into M7 POLAF. We have identified a number of opportunities to add value, which we look forward to implementing in order to maximise performance for the fund.’

Anna Szelc, representing Azora in Poland, said: ‘The sale of our assets was in line with our divestment strategy and it shows that Warsaw’s non-central locations continue to be on the radar of investors.’

Tomasz Buras, CEO and head of investment at Savills Poland, said: 'For M7 Real Estate this acquisition offers a blend of a fully leased Cristal Park in a core-plus strategy, with a more opportunistic purchase of Mokotów Plaza realising a value-add approach.

Savills advised the buyer in the transaction.

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