Hines informed about its new purchase of the Nestlè House office (formerly known as Pacific Office Building) from Kronos Real Estate to the benefit of Hines Poland Sustainable Income Fund. Hines has been managing the structure since January this year.
Nestlé House is a 8-tier building class A offering over 16 400 sq. m of office area and over 1400 sq. m of service and commercial area. The structure is characterized by a convenient location at Domaniewska Street in close proximity to a metro station. The major tenants will be partnerships from the Nestlé Group which will occupy over 10 000 sq. m of the building's area from the beginning of 2016. The finishing works are currently being conducted. The other main tenants are companies from the Warbud Group and IMCD.
We are very glad about the purchase of Nestlé House because the structure and its tenants are class of their own. The whole team of Hines is proud of the purchase – points out Mieczysław Godzisz, Chairman of the Board in Hines Poland.
A convenient location of the building in a dynamically developing part of Mokotów provides its users with a good connection with the other districts of Warsaw. The additional asset of the investment is access to a well-developed chain of municipal communication, including the first line of metro and close neighborhood of the Chopin Airport.
We are very pleased with the co-option of Nestlé House to the increasing portfolio of investments owned by Hines Poland Sustainable Income Fund – comments Leo Chen, Chairman of the Fund, HPSIF.
The sales of the building is the second transaction which has been finalized by Kronos Real Estate and Hines Poland Sustainable Income Fund since August 2014. We are proud that the HPSIF fund decided to purchase the project from the portfolio of our commercial properties. One of the most important elements of our business strategy is realization of high quality, flexible and well-located office areas which fully meet the tenants' expectations. We hope that the new owner will appreciate the high quality and potential of the office which is currently being realized by us – added Alberto Esgueva Gutiérrez, Chairman of Kronos Real Estate.
Hines Poland Sustainable Income Fund was represented by JLL during the transaction and Kronos Real Estate was advised by CBRE. From the legal point of view, the fund was represented by Dentons and the seller was represented by Góralski & Goss Legal.