Union Buys Warsaw Plaza Complex for $135M

WARSAW-Hamburg-based fund manager Union Investment Real Estate has acquired the Horizon Plaza office complex in Warsaw for its UniImmo Global fund for around $135 million, the second property in the nation for this fund. The asset was developed by the German listed group IVG, and is the largest transaction on the commercial real estate market this year in Poland.

The complex consists of one 11-story building and one seven-story building and offers about 352,000 square feet of office, a retail area and storage space. It ranks as one of the most state-of-the-art buildings in the country and has an outstanding reputation in terms of sustainability and energy efficiency. Occupancy of the office and retail space is 90%, and tenants include Nokia Siemens Network, Getin Noble Bank, Pekao Bank Hipoteczny and WestLB Bank Polska.