Fri, 04/04/2014 - 06:35
The Blackrock Europe Property Fund II has sold the Rondo 1 office complex in Warsaw, Poland to two funds managed by Deutsche Asset & Wealth Management’s real estate business.
The sale price has not been disclosed.
Rondo 1 provides modern and efficient office space, as well as a high standard of environmental sustainability, confirmed by LEED Gold certificate status and numerous property business awards. The asset is currently 95 per cent let to over 50 multi-national tenants from the financial, legal and consultancy sectors including blue-chip level institutions such as EY, Allen & Overy, Baker & McKenzie, DZP, Frontex, Dentons and Volkswagen Bank.
The BlackRock fund acquired a 50 per cent interest in the newly delivered asset in 2006 before assuming full ownership in 2008. Rondo 1 was the largest asset of the BlackRock Europe Property Fund II portfolio and this sale is a significant milestone towards achieving full divestment status.
Marius Schoener, head of BlackRock's German and Polish real estate business, says: "This landmark building is one of the most prestigious skyscrapers in Eastern Europe. Since the acquisition we have increased occupancy to 95 per cent from 50 per cent, enabling the asset to be brought to market for sale. We remain an active player in the Polish real estate market and are considering other opportunities here and throughout the region."
The Blackrock Real Estate team was advised on Rondo 1 by Dentons as legal advisors and HSBC as sell side advisors.
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