Austrian developer UBM has recently sold a number of its Polish properties for a total of more than €160 million. Towards the end of last year, the company offloaded the Kotlarska office building in downtown Kraków, which was acquired by Slovak investor IAD Investments for approximately €30 million. Earlier this month, the developer also sold the Pegaz office building in Wrocław to German investor Warburg-HIH for around €54 million.
Another German buyer – Union Investment – has recently acquired two hotels from UBM’s Polish portfolio. The Holiday Inn “Twarda” hotel in Warsaw and the Holiday Inn hotel in Gdańsk were sold for approximately €41 million and around €38 million respectively. The latter transaction is a forward-purchase deal – the Gdańsk hotel is scheduled to be completed in the spring of next year.