CBRE Global Investors, on behalf of the Property Fund Central Eastern Europe (PFCEE), has sold two offices in Warsaw, Poland.
The asset details are:
– Trinity Office Park II, is a 26,127 sq m office located in the Mokotow district of Warsaw. It comprises nine floors and was built in 2007.
– Prosta Office Centre, is a 21,313 sq m office situated in the centre of Warsaw. It was built in 2006 and comprises 11 floors.
Robert Snincak, Fund Manager, CBRE Global Investors, said: “We have completed the business plan for both of these assets and the timing is right for us to sell. Completion of this divestment was a key activity in the business plan for 2016/2017 as the fund reached its scheduled redemption period.”
John Mulqueen, Head of Transactions EMEA, CBRE Global Investors added: ”We have been actively recycling capital in CEE and it is one of the most active regions for our business. Our team completed over €1bn of transactions during 2016 and this latest disposal was achieved in line with our business plan. We have a significant amount of capital to invest in the region on behalf of our clients during 2017.”
CBRE Global Investors was advised by Clifford Chance and Cushman & Wakefield.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.7 billion in assets under management* as of September 30, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
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