The Jerozolimskie Business Park in Warsaw has been acquired by real estate funds managed by Ares Management (NYSE: ARES) from IVG Institutional Funds GmbH. Global real estate services firm Cushman & Wakefield represented Ares in this transaction. The acquisition is part of a EUR 100 million portfolio transaction consisting of eight properties located across five European countries: the UK, Germany, Sweden, Poland and the Netherlands.
Jerozolimskie Business Park is located on Al. Jerozolimskie 146, approximately 3 km west from of the Warsaw’s city centre, 10 km to Okęcie International Airport and next to Atrium Reduta and Blue City Shopping Centres. It comprises four buildings totalling 16,840 sq m GLA. The complex was delivered onto the market between 1996-2001. Main tenants include Nowa Era, PGNiG, Takeda, MacMillan Publishing and Intel.
James Piper, Managing Director in the Ares Real Estate Group, said, “This portfolio comprises high quality assets across Europe, with a diverse set of strong tenants. These properties provide several asset management opportunities as well as an attractive cash flow return. By being able to deal with the complexity of multiple jurisdictions, we were able to offer certainty of execution to the seller whilst also providing value for our investors.”
James Chapman, Partner and Head of CE Capital Markets at Cushman & Wakefield, said, “The acquisition of the Jerozolimskie Business Park proves a strong interest in the Polish CRE market. The scheme boasts an excellent location and prestigious tenants. Jerozolimskie Business Park accounted for a significant portion of the portfolio thus demonstrating the growing importance of Polish real estate in pan European strategies.”