Located in Warsaw’s Mokotów quarter, the New City office complex is a part of the capital’s premier office district. Close proximity to Warsaw Chopin Airport and significant recent investments in the local transport infrastructure have transformed this area into the most sought-after office location in the country.
“The Warsaw real estate market is booming, being one of the most liquid in Central and Eastern Europe. We thoroughly assessed the location, and despite the local market not having avoided the coronavirus pandemic’s adverse economic effects, New City has shown a high degree of stability compared to other office centers,” says PPF Real Estate Investment Manager Jiří Sýkora, overseeing the Polish acquisition.
The pace of high-rise buildings construction has earned Poland a moniker the land of skyscrapers. Warsaw is a leader among major cities in Central Europe regarding this type of development.
“After our recent entry into the US market, I’m glad the geographic diversification
of our assets continues in Europe which is also very important part of our overall portfolio,” says PPF Real Estate Executive Director Jiří Tošek.
The seller of New City office complex was a fund owned by Hines, an international real estate firm. PPF Real Estate has enjoyed long-term cooperation with Hines and purchased several properties from the fund, including London’s Westferry Circus office building and Moscow’s Metropolis office center.
The parties have agreed not to disclose financial details regarding the New City transaction in Warsaw.
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