Deka Immobilien has acquired an office complex in Warsaw for around EUR 152 million. The seller is a subsidiary of the listed company Echo Investments S.A., the largest real estate developer in Poland. The property will be added to the portfolio of the WestInvest InterSelect open-ended real estate fund.
The complex on Grzybowska street comprises Malthouse Offices, a new building completed in 2020, and renovated properties the Malthouse, the Time Cellars and Villa Offices. The multi-tenant property has a lettable space of approximately 30,000 square metres and 180 parking spaces, the majority of which is leased under long-term leases. The main tenants are the Polish brewery Grupa Żywiec, the international law firm Allen & Overy and the consulting company MDDP. The aim is to have the Malthouse Offices building certified as "Excellent" by BREEAM, the British quality mark for sustainable building.
The complex is part of the Warsaw Brewery project development, which comprises a total of over 100,000 square metres of office, living and retail space. The quarter, constructed on the former brewery grounds, is centrally located in the City Centre West submarket. It boasts a functional mix of office space, as well as retail and hospitality offerings, which—along with its industrial charm—give the complex its special flair and make it a real hub for the surrounding area.
With this investment, the fund management is expanding the portfolio of WestInvest InterSelect in Poland with new real estate in an excellent CBD location that aligns with the overall direction of the portfolio.
DekaBank is the securities services provider of the German Savings Banks Finance Group (Sparkassen-Finanzgruppe). Together with its subsidiaries it forms Deka Group. With total customer assets of more than EUR 368 billion (as at 30/06/2021) and more than 5 million securities accounts, DekaBank is one of the largest securities services providers and real estate asset managers in Germany. DekaBank is a wholly owned subsidiary of the German Sparkasse savings banks and forms an integral part of the Sparkassen-Finanzgruppe.
The Deka Group’s global real estate expertise is pooled in its Real Estate Division. The management companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH provide management and support for around EUR 43 billion in real estate assets (as at 31/12/2020).