Two office properties acquired
The buildings in question were sold by Kredyt Bank and its subsidiary at the end of December last year. This is one of the first institutional quality sale-and-lease-back transactions in Poland for the banks' headquarter properties. With these acquisitions Deka Immobilien has extended its field of activity to a total of 19 countries.
Both acquired office buildings are located in Warsaw's Wola district. The Victoria Building, which was purchased for Deka-ImmobilienEuropa for 24.3 million, was completed in January 2003. The class-A property offers 12,200 sqm of rentable office space spread over 12 floors.
The second acquisition, the Kasprzaka Building, will be transferred to the real property assets of Deka-S-PropertyFund No. 1. The building has 10,400 square metres of office space in four floors. Deka Immobilien has already made several investments in Eastern Europe. In 1999 it gained access to the market in Hungary and to the Czech Republic in 2002. The investment company, which belongs to the German Savings Banks Group, manages fund assets totalling E18.6 billion in three funds open to the general public and eight real-estate funds for institutional investors. It is the largest supplier of open-ended real-estate funds in Germany. M.L.
Both acquired office buildings are located in Warsaw's Wola district. The Victoria Building, which was purchased for Deka-ImmobilienEuropa for 24.3 million, was completed in January 2003. The class-A property offers 12,200 sqm of rentable office space spread over 12 floors.
The second acquisition, the Kasprzaka Building, will be transferred to the real property assets of Deka-S-PropertyFund No. 1. The building has 10,400 square metres of office space in four floors. Deka Immobilien has already made several investments in Eastern Europe. In 1999 it gained access to the market in Hungary and to the Czech Republic in 2002. The investment company, which belongs to the German Savings Banks Group, manages fund assets totalling E18.6 billion in three funds open to the general public and eight real-estate funds for institutional investors. It is the largest supplier of open-ended real-estate funds in Germany. M.L.
