LaSalle acquires office property in central Warsaw on behalf of Encore+
WARSAW (May 02, 2019) — LaSalle has managed the acquisition of an office building, Wronia 31, with excellent sustainability credentials in Warsaw’s City Centre west zone from Ghelamco, on behalf of the pan-European fund Encore+. This dynamic market is the fastest developing market and is emerging as a major business location in Warsaw.
This asset is a newly built high-quality office building of 16,667 m² over 14 floors, with a multi-tenant structure. Wronia 31 is located in an area with very strong tenant demand from blue chip companies and situated right next to the Warsaw Spire and to a variety of public transport options. The building benefits from an Outstanding BREAAM rating and recently won the international BREEAM Awards 2019 competition in the category of Regional Award Central and Eastern Europe.
Total office take-up in Warsaw has been strong and steadily increasing over the last decade and is forecasted to further increase annually by 4 to 5 per cent for the next three years on the back of constant growth of office-based employment. The strong demand Warsaw is experiencing is driven by economic growth, the availability of a skilled workforce and a growing number of students, all– key factors for international companies moving to Poland. The total volume of leasing transactions reached over 600,000m² by the end of 2018.
David Ironside, Fund Manager for Encore+, says: “This is an excellent acquisition for Encore+ where the asset characteristics of geography, sector and micro-location are all in line with the Fund’s investment targets; moreover it increases our exposure to the growing Central European office market and the economic growth in Warsaw.”
Francesco Coviello, Head of Transactions for Central and Southern Europe at LaSalle, says: “This is a very well-located asset in an area with much lower vacancy rates than the rest of Warsaw. As such this is an excellent fit for LaSalle’s flagship pan-European fund and highlights our local knowledge in Poland and our ability to source high quality assets.”
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, we manage approximately $71 billion of assets in private equity, debt and public real estate investments as of Q4 2020. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.