CMS has advised REICO, the manager of the largest and oldest Czech open-ended real estate fund, on the purchase of the Proximo I office building in Warsaw. The transaction carried on behalf of ČS nemovitostní fond (CSNF), is valued at over EUR 116 mln and represents REICO’s first investment in Poland. With this purchase, REICO has increased its property portfolio to 12 buildings, including six properties in Prague, three in Bratislava and one each in Warsaw, Brno and České Budějovice.
The seller is the Hines Russia & Poland Fund, which is sponsored and managed by Hines.
Built in 2016 in a prime location near Rondo Daszyńskiego metro station, Proximo I is a 15 storey office building with total leasable area of about 29,200 m2 and 428 parking spaces. The property was designed by UK-based architectural studio Rolfe Judd, and developed by Hines with HOCHTIEF Polska acting as general contractor of the construction. The building received environmental certification BREEAM Excellent.
“The unceasing interest in office space in Warsaw coupled with forecasts that current rent rates will be maintained make this market sector very attractive to investors, especially when it comes to buildings in such prime locations as Proximo I. We hope that this first investment in Poland will prove a significant step in the geographical diversification of the fund, which until now has been active only on the Czech and Slovak markets,” says Wojciech Koczara head of CMS Real Estate team in Central Eastern Europe.
"Acquisition of Proximo I represented a complex enterprise deal structure. We were very pleased with the way CMS have navigated us throughout the whole transaction in our first Polish acquisition“, says Tomas Jandik, Chief Investment Officer of REICO.
The CMS team working on the deal managed by Wojciech Koczara and Adriana Andrzejewska, Counsel in Warsaw real estate team, included Adriana Cieśla, associate in Warsaw real estate team, and Paulina Kotecka, associate from CMS Warsaw’s Banking and Finance team.