CA Immo sells Lipowy Office Park

Investor CA Immo has sold its Lipowy Office Park complex for €108 million to a company named Kimberly, part of a US-listed REIT. The transaction is to be closed in the first quarter of 2014. The complex, located in Warsaw’s Ochota district, offers 40,000 sqm of office space with Bank Pekao SA as one of its major long-term tenants. Lipowy Office park was completed in 2009 and had been owned by Europolis AG until CA Immo acquired the scheme in early 2011. “The successful sale of Lipowy Office Park is evidence that we are able to sell properties at attractive prices and above book value in Eastern Europe as well,” said Bruno Ettenauer, CEO of CA Immo. Ettenauer added that the sale of the complex was another step aimed at balancing the company’s asset portfolio in Warsaw, after a recent takeover of the AXA portfolio shares in Warsaw. In December 2013, the Austrian fund acquired AXA’s 49 percent stake in the “P1” portfolio in Warsaw, consisting of five office properties, thus becoming its sole owner. The sum of the transaction was not revealed, but the assets are valued at some €280 million. /bks/jb