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Orange buildings now part of the Zeitgeist

Eurobuild CEE 02 September 2019
Orange buildings now part of the Zeitgeist
A 1 ha plot with six buildings has been sold in the centre of Warsaw
POLAND Zeitgeist Asset Management subsidiary Hockley has bought a complex of six buildings on ul. Nowogrodzka in central Warsaw for EUR 81 mln from telecommunications firm Orange. The total area of the office and residential complex, which stands on a 1 ha plot, comes to 50,000 sqm.

"This is our largest purchase and at the same time represents a milestone in the construction of our real estate portfolio. The scale of the transaction completely changes our position in Poland. We will create a new part of the city in one of its key areas. It is a huge responsibility,” claims Peter Noack, the CEO of Zeitgeist Asset Management. Baker McKenzie and DIL Baumanagement advised Zeitgeist on the deal.

Orange will continue to occupy part of the complex as a tenant until 2026 so that it will have enough time to relocate its operations. The company has now sold properties in Poland worth over PLN 650 mln and still has a real estate portfolio with an estimated value of over PLN 1 bln up for sale on the market.

The main building (ul. Nowogrodzka 45) is the modernist former headquarters of the Urzędu Telekomunikacyjnego Telegraficznego [the government office for telecommunications and telegraphs]. Also included in the sale is the building on the corner of ul. Poznańska and ul. Nowogrodzka from the 1930s designed by Julian Puterman-Sadłowski. The other buildings are from the 20th century and some could possibly be demolished.

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