Leading real estate group CPI has acquired the Equator IV office building in central Warsaw, Poland.
Equator IV offers more than 20,800 square metres of gross leasable area and 226 parking spaces. The property is currently around 90 per cent occupied, with further upside potential given its location close to key transport hubs.
“CPI Property Group is pleased to complete the purchase of Equator IV, which is a high-quality addition to our existing Warsaw office portfolio,” said Tomas Salajka, head of acquisitions and asset management for CPI. “Our acquisition pipeline in Poland is robust and we expect to announce more transactions in the coming weeks and months.”
CPI has already announced its intention to acquire more than 800 million euros of high-quality offices in Warsaw during the fourth quarter of 2019 and in the first quarter of 2020.
“Today marks another important moment in the history of Karimpol Group in Poland,” added Harald Jeschek, managing partner of Polish real estate company Karimpol Group, which developed Equator IV. “The sale of Equator IV to CPI proves that a commitment to quality pays off and helps to attract high profile, long-term investors. We are confident that this building, with its excellent tenant roster, will gain in value and will be a perfect addition to the impressive CPI Property Group portfolio in Poland.”