The fund BlackRock Europe Property Fund II, a part of BlackRock Real Estate, signed a final sales agreement with two funds managed by Deutsche Asset & Wealth Management. The value of the transaction was not disclosed.
Rondo 1 offers modern office space, certified in the LEED system at the Gold level. Currently, the office block is rented in 95 percent. Among others, the following companies have their headquarters here: EY, Allen & Overy, Baker & McKenzie, DZP, Frontex, Dentons and Volkswagen Bank.
In 2006 BlackRock came into the possession of 50 per cent of shares in Rondo 1, whereas in 2008 it became the owner of the entire property. The office building was the largest asset in the real estate holdings of the fund and the sale of it is a large step toward the complete sale of the portfolio.
This unique building is one of the most prestigious skyscrapers in Eastern Europe. Since its purchase, we increased the rent level from 50 to 95 percent, which enabled us to put the building up for sale. We continue to be an active player on the Polish real estate market and we take into account other investment opportunities in Poland as well as abroad, commented Marius Schoener, Managing Director in BlackRock, responsible for the company’s activity in the real estate sector in Germany and Poland.
During the transaction, the fund was counselled by the company Dentons (legal services) and HBSC (sales agent).