The leading Czech real estate fund, ČS nemovitostní fond (CSNF), managed by REICO, purchased the Proximo I office building in the centre of Warsaw. The transaction was valued at over EUR 116 million. The fund’s real estate portfolio increased to 12 facilities with the total value exceeding EUR 550 million. The team of experts from TPA Poland provided advice to the buyer.
This transaction is an important step in the expansion of the fund’s assets – so far the fund operated only in the Czech and Slovak markets. The Proximo building purchased in Warsaw has 15 floors and is an office building. The total rental area in the building is around 29,200 sq.m., and 95% of this area is currently let out.
When analysing this transaction, it is worth mentioning that the building was sold by Hines Russia & Poland Fund, financed and managed by Hines. In turn, Hines Polska was the developer of the building, the construction of which ended in 2016.
As regards advisors for the transaction, the buyer of the property used the services of international consultancy firms: CBRE, CMS, TPA Poland and DIL, whereas the seller was represented by Cushman & Wakefield, Crido and Dentons.
It was an interesting and challenging project for all advisory teams involved in this transaction. The sale of Proximo constitutes undoubtedly a commercial success and one of the key transactions of this year in the real estate market in Poland. We are happy that our team participated in this prestigious transaction and helped REICO enter the Polish market.
-comments Małgorzata Dankowska, Partner managing the real estate team and the Warsaw tax practice in TPA Poland.