Warburg-HIH Invest Real Estate (Warburg-HIH Invest) signed a preliminary purchase agreement for the acquisition of Sagittarius Business House situated in Wrocław by the fund managed on the behalf of its institutional investors.
Another purchase in Wrocław constitutes a perfect occasion as the Polish real estate market offers much more attractive capitalization rates to investors from Western Europe and the city is a perfect location for investments due to very good macroeconomic rates – says Andreas Schultz, Head of Management Department of International Transactions in Warburg-HIH. Thanks to our structure, the conducted transactions in Poland, our experience and the chain of deliverers and service providers who supported us in the purchase, this office of incredible quality confirmed by the BREEAM Excellent certificate, which is being erected in a perfect location, will be our future asset – adds Andreas Schultz.
Sagittarius Business House is currently under construction, the completion of which is envisaged on Q1 2018. The building is being erected in the central business location in Wrocław. The office will offer ca. 25 000 sq. m of leasable space. The main tenants are: EY and Bank of New York Mellon, which are both going to occupy over 90 per cent of available space. The ground floor of this 6-tier office will offer ca. 1700 sq. m of space intended for shops, restaurants and kindergarten. Echo Investment will be responsible for completion of construction and finishing works as well as for lease and introduction of tenants to the building.
It is not the first time when we sell the office which is still in progress, thus I would like to thank to the purchaser, that is Warburg-HIH Invest Real Estate, for trust. The building has already gained renowned tenants such as EY or BNY Mellon and the city of Wrocław is one of the best locations for business services centers BPO/SSC in the world. These are the factors which provide success to Sagittarius. I am convinced that it will be a perfect asset in the portfolio of Warburg-HIH Invest Real Estate. Therefore, I would like to congratulate our partner on this purchase – says Nicklas Lindberg, Chairman of Echo Investment.