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"DEGI, part of Aberdeen Property Investors, has strengthened its position in Eastern Europe by signing a sales contract for the "Marynarska Business Park" in Warsaw for 167 million euros. The property has been acquired indirectly by a real estate company and will be added to the DEGI INTERNATIONAL open-ended property mutual fund, which focuses on international commercial property. The seller is the international project developer Ghelamco.
Completed in April 2008, the business park is situated in Warsaw’s largest business district, Mokotów, between the airport and the central district. The office complex consists of four buildings and comprises a total rental area of around 43,700 m˛ as well as approximately 1,400 parking lots. More than 99% of the new acquisition has already been let to reputable Polish and international tenants, mostly from the service sector. The principal tenant in the office park is NETIAS.A., one of Poland’s leading telecommunication companies.
Poland, which joined the European Union in 2005, is one of Europe’s fastest growing economies with a GDP of over 6 % for the past two years. The increase in rental values in the capital exceeded this figure in 2007. Warsaw has a population of only 2 million inhabitants but around 2 million m˛ of office space. Approximately 500,000 m˛ is in the Mokotów business district, the most popular area for businesses in the central district, which is highlighted by its low vacancy rate of 2 %.
"By the ‘Marynarska Business Park’, we have acquired another profitable property for DEGI INTERNATIONAL in the biggest growth market of the EU’s Eastern European member states. This investment supports the strategic expansion of our portfolio, as well as its profitability", comments Bärbel Schomberg, CEO of DEGI’s Management Board" (CS della Societŕ).
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