Sagittarius Business House Is Sold

Echo Investment sells the Wrocław Sagittarius Business House office building. The transaction is valued at 74.5 million euro.

Sagittarius Business House offers 25 600 sq. m. This is a modern building class A. The main tenants are EY and Bank of New York Mellon. The investment is situated in the central business district of Wrocław at Suchej Street. It is purchased by Warburg-HIH Invest Real Estate (Warburg-HIH Invest). The parties of the contract finalized the preliminary contract in July 2017.

Warburg-HIH Invest Real Estate (Warburg-HIH Invest) is a German company which manages real estate funds. It has purchased Sagittarius Business House for the fund managed on behalf of one of its institutional investors. The value of this investment is 74.5 million euro.

Sagittarius Business House is a high class investment situated in the central business district of the perfectly developing metropolis. Thanks to this transaction, our investors have the opportunity of further diversification on the attractive and growing Polish market – says Andreas Schultz, Managing Director at Warburg-HIH Invest Real Estate.

Sagittarius has been previously sold to the special Warburg-HIH fund during the contraction works, which is compliant with our strategy of profitable growth. We are satisfied that we may hand over the building to the renowned and long-term investor. Wrocław is a very attractive market for locating international business centers, especially from the SSC, BP and ITO sectors. This is a very profitable forecast for Warburg-HIH Invest which invests in the high class office building as well as Echo Investment which plans new developer projects – says Nicklas Lindberg, Chairman of Echo Investment.

Sagittarius Business House is the fifth building in Wrocław, next to Aquarius, West Gate, West Link and Nobilis, which we have managed to build, rent to renowned international companies, and finally, sell. The main tenants of Sagittarius are well-known international companies – BNY Mellon and E&Y – which occupied jointly 90% of its entire space. We are glad that both tenants entrusted Echo Investment in delivering high class space in a sustainable building – says Rafał Mazurczak, Member of the Board of Echo Investment, who is responsible for the office department.

 


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