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$287M Buys 1M-SF Office Park

WARSAW-A Heitman fund acquires the Mokotow Business Park here from subsidiaries of Globe Trade Centre SA.

By Brian K. Miller | Updated on December 20, 2006

WARSAW-Heitman’s European Property Partners III fund has acquired the Mokotow Business Park here for approximately $287 million. Located adjacent to the Gallery Mokotow shopping center, the park has 1.15 million sf in nine class B office buildings.

The seller consisted of three subsidiaries of Globe Trade Centre SA. The locally headquartered company is rebalancing its Poland portfolio by selling mature assets in Warsaw in order to fund new developments in Warsaw and other large cities in the county.

GTC earlier this month broke ground for Platinum Business Park, a 97,000-sf office park located across the street from the one it sold to the Heitman fund. GTC also is developing projects in Kraków, Poznañ, Wroc³aw, £ódz, Czêstochowa and Katowice.

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