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Warimpex prepares to buy second Próżna building

Eurobuild CEE 24 January 2013
POLAND In the middle part of this year, Warimpex Finanz-und Beteiligungs is to enter the tender process for the purchase of a historic building at ul. Próżna 14 in Warsaw, opposite its recently completed Le Palais office project on the same street.
“We have already prepared the concept of development of this area,” revealed Jerzy Krogulec, a member of the board of Warimpex, “it would be a design very similar to Le Palais – offices, but perhaps with a greater proportion of retail. The company is also to contribute PLN 2.5 mln to renovate and restore ul. Próżna’s pre-war character. The company has also disclosed that it has signed a preliminary agreement for the sale of Le Palais to an international institutional investor, which wished to remain anonymous. The transaction is expected to close in mid-2013. Le Palais is now 75 pct leased, to such companies as Ipopema Group, Stewart Title, Schoenherr, Austriackie Forum Kultury, IVG, Accreo and Warimpex. The first tenants began to move in to their offices at the start of the year. Le Palais has more than 6,700 sqm of leasable space, including 5,300 sqm of offices. The total investment costs come to EUR 126 mln, financed by Raiffeisen-Leasing and the companies own funds. The architectural design was prepared by OP Architekten. Jones Lang LaSalle is responsible for the commercialisation process.

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