Hines, the international real estate firm, has agreed to the purchase of Wola Center, a 34,000-square-meter office asset in Warsaw, on behalf of the Hines European Value Fund (HEVF 1). The asset has been acquired from Polish property company Develia, listed on the Warsaw Stock Exchange, for an undisclosed price.
The acquisition represents the eighth portfolio investment for HEVF 1, the flagship core plus/value-add fund, for which Hines raised €721 million of equity commitments in closings from July 2017 to August 2018, exceeding the original fund target size by over 40%. The fund’s portfolio of investments includes multi-sector assets in Germany, the UK, Denmark, Spain and Italy.
Wola Center comprises four interlinked buildings around a central atrium and is located in the heart of the CBD West, the city’s modern business and retail centre. The building was developed in 2013.
The modern, Grade-A office space is currently fully occupied, but will become 70% vacant at the end of 2020 upon the departure of the majority tenant group, providing Hines with the opportunity to refurbish and reposition the space before re-leasing.
Source : Company