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Credit Suisse picks up Ethos and Astoria

Alex Hayes 01 July 2019

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Credit Suisse picks up Ethos and Astoria
Ethos was sold to a Credit Suisse fund for an undisclosed price

POLAND Credit Suisse Asset Management (CSAM) has acquired its two Polish assets on behalf of its real estate funds.

The two properties are the Ethos and Astoria buildings in Warsaw.

The five-storey Ethos building, comprising 13,000sqm of office space and 4,500sqm of retail was acquired by one CSAM fund, while two CSAM funds acquired Astoria, a 10-storey office building with 8,000sqm gla. The financial details have not been disclosed.

Marc-Oliver Tschabold, a fund manager at Credit Suisse Asset Management global real estate, said: “These two prestigious buildings in Poland are characterised by sustainable, high-quality construction and are in very attractive locations. Furthermore, Poland is a dynamic, liquid real estate market with an annual transaction volume of more than CHF 7 bln (EUR 6.3 bln).”

The seller of the Ethos building, Kulczyk Silverstein Properties was advised by Avison Young, CBRE and Dentons. Cushman&Wakefield, Greenberg Traurig, CMT and PwC provided advisory services on the buy side.

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