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Maciej Krokosiński Associate Partner E-mail
Małgorzata Dankowska Tax Advisor
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Monika Stachurska-Waga Senior Manager E-mail

INDOTEK GROUP bought four office buildings in Warsaw. TPA Poland and Baker Tilly TPA’s experts advised on the transaction

Despite the pandemic still hampering transaction conditions in the commercial real estate market, the Hungarian fund INDOTEK GROUP has successfully completed the purchase of 4 office buildings. The value of that transaction was €72.5 million. Tax advisory for the entire process was provided by a team of experts from TPA Poland, while Baker Tilly TPA was responsible for the financial aspects.

The properties acquired under the share deal formula from IMMOFINANZ are located in different districts of Warsaw: Mokotów, Ochota and Włochy. The total leasable area of the buildings amounts to 45,300 sqm. At the end of December, the average occupancy rate of the property was 80%. It is worth noting that the parties decided on the transaction even before the outbreak of the COVID-19 pandemic.

Supporting a client in the acquisition of four office buildings in Warsaw for over €70 million during the peak of the pandemic was quite a challenge. A thorough due diligence of the entire process was extremely important in order to properly estimate the value of the transaction and the accompanying risks – both from the financial and tax perspective,” said Maciej Krokosiński, Associate Partner, Audit and Business Advisory, Baker Tilly TPA.

Despite the initial slowdown in many sectors of the real estate market, deals like this one prove that real estate investment is back on track and there is liquidity in the sector. We are glad that the Hungarian investor placed his trust in us and that we were able to support INDOTEK in tax and financial terms in this portfolio transaction,” said Małgorzata Dankowska, Partner responsible for the real estate team and the Warsaw tax division of TPA Poland.

INDOTEK GROUP is one of the leading real estate investors in Hungary and the CEE region. The company’s core business is investing primarily in real estate and managing it accordingly. The company employs around 330 people and has more than 300 properties in its portfolio. Their total floor area exceeds 1.7 million sqm, which can accommodate more than 3,500 tenants. The property portfolio of INDOTEK GROUP includes, among others, over 30 office buildings, more than 20 shopping centers and several industrial and logistics facilities. The company also has a presence in the hospitality and residential real estate industries.