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CPI Property Group grows in Warsaw

Eurocentrum Office Complex

CPI Property Group, one of the leading real estate companies in Czech Republic, Central and Eastern Europe and Berlin, continues its expansion on the Warsaw market and has acquired the Eurocentrum office complex from Capital Park S.A.

“The acquisition of Eurocentrum further enhances the Group’s footprint in the Warsaw office market, and demonstrates the strong progress we are making on our acquisition pipeline,” said Tomas Salajka, Head of Acquisitions and Asset Management for CPIPG.

Eurocentrum is the largest green office complex in Warsaw certified in the LEED system at the Platinum level. It consists of Alfa, Beta / Gamma and Delta buildings offering a total of over 85,100 sq m. lease area, including 3,500 retail, service and restaurant space located on the ground floor of the complex in a public passage connecting all buildings. The office building has a modern conference center available for 200 people at a time. Occupancy is nearly 100% with high-quality tenants such as Unilever, COTY, Group One, Randstad, SAGE, PSE S.A., and Urząd Transportu Kolejowego among others.

Eurocentrum Office Complex is located at Aleje Jerozolimskie, 5 min from the city center, in one of the most dynamically developing business areas of the capital. The office building has a car park for 800 cars and an extensive infrastructure for cyclists, which includes nearly 200 parking spaces, changing rooms, showers, bicycle repair stations and a Veturilo station. The building has also electric car charging points and a carpooling platform that allows employees to commute to work together.

The Eurocentrum office buildings offers a number of pioneering asset management solutions according to the concept of 'Biuro Plus', including the first free concierge services for tenants in Warsaw, common spaces full of plants - trees in the atria inside the building and green reception walls, works of art in the main passage, urban apiary on the roof, professional medical assistance for office employees as part of the proprietary Office Doctor service and numerous actions engaging tenants, e.g. participatory budget, whose last effect is the creation of a brine graduation tower in the building.

‘For the last 12 years as owners of the project we have created a totally new real estate property, that historically was the first such office project in the local submarket and now plays dominant role in the Upper Jerozolimskie corridor. New Eurocentrum Office Complex stands out in terms of design and quality, enjoys almost full occupancy with loyal tenants generating stable rental income. The new project was awarded LEED Platinum certificate and is the largest office building with state-of-the-art eco-friendly features and wide variety of value-add services highly appreciated by tenants. We are very happy to pass the project into the right hands. We are confident the project will add a lot of value and generate profits for the new owner’ – says Marcin Juszczyk, member of the management board, Capital Park Group.

On 8 October, CPIPG announced plans to invest more than €800 million in Warsaw offices during Q4 2019 and early Q1 2020. Since that time, the acquisitions of Equator IV and Eurocentrum have closed and preliminary purchase agreements have been signed for Green Corner A and Equator II. Discussions on several other significant assets are also in advanced stages.

JLL, PwC, Hill International and Dentons have supported CPI Property Group in the Eurocentrum acquisition process, whereas CBRE Poland, the Greenberg & Traurig law firm and MDDP tax advisors participated in the transaction on the side of the Capital Park Group.

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