Hines buys Ambassador office scheme in Warsaw

Real estate fund Hines Poland Sustainable Income Fund (HPSIF), managed by Hines, has acquired the Ambassador office building located in Warsaw from Kronos Real Estate company. The value of the transaction was not disclosed. The Ambassador Office Building is located at the junction of ul. Domaniewska and ul. Pecherska, in the Mokotów district. The class A scheme was completed in March 2013 and offers 14,900 sqm of office space and 1,000 sqm of retail space on the ground floor. The building’s tenants include Coty Poland, Gras Savoye (Pol-Assistance), DSV, Ipsos and CBRE Corporate Outsourcing. “The purchase of Ambassador is the first transaction completed by the HPSIF fund. The strength of the tenants and the quality of the asset make the Ambassador an attractive acquisition for the portfolio,” said Leo Chen, senior managing director and fund manager of HPSIF. “We intend to continue our expansion on this attractive investment market,” added Chen.