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, LaSalle manages approximately $64 billion of assets in private and public real estate property and debt investments as of Q4 2018. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.
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