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Valad Europe buys Warsaw city centre office

Valad Europe, the leading diversified real estate investment manager, has acquired the Warsaw Corporate Centre in Poland from MEAG for its VCERP fund. The acquisition also marks the diversification of the Fund’s investment strategy into the office sector.

Developed in 1993 by the partners of Golub Raczkiewicz Epstein Venture, the 8,693 sq m Warsaw Corporate Centre comprises nine floors with ground floor retail space, which are leased to several well-known occupiers including Danska Bank, Broadway Malyan and OSTC. It is prominently located in the heart of Warsaw’s central business district on the corner of Emilii Plater and Nowogrodzka, opposite the Marriott Hotel and close to the Palace of Culture and Science.

Karol Pilniewicz, Valad Europe’s Head of Central Europe, commented: “This is a high quality acquisition for VCERP and a well-known asset in Warsaw. In the past few months, we have started to see some excellent value-add opportunities in the Central European office sector, particularly in the major cities like Warsaw and Prague, which has led us to broaden the Fund’s investment strategy to include the office sector.”

VCERP was originally launched in 2014 with €200 million of equity to invest in value-add retail assets in Central Europe, with a focus on Poland and the Czech Republic. VCERP employs 60% to 70% leverage, with strong cash-on-cash yields. Debt financing is sourced from a pool of lenders with whom Valad Europe already has strong existing relationships.

Valad Europe manages €5.3 billion of real estate assets and investment capacity across its 27 funds and mandates in Europe. With a team of 30 in Central Europe, Valad manages approximately €830 million of assets comprising 700 tenants, occupying 960,000 sq m of space across Poland, Czech Republic, Hungary and Romania.

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