Echo Investment has announced it finalized an agreement with AFI for the later to become the sole owner of Office House, the first office building in the Towarowa22 project – a mixed-use development in Warsaw, Poland.
Echo Investment sold its 30% stake to AFI, with the total value of the building calculated for the transaction at EUR 160.5 million.
Located at Wronia Street 10 in Warsaw, Office House was delivered in May this year. Office House offers 32,000 square meters of office space that will eventually host around 3,000 employees. Tenants already include consulting firm Crowe and Emagine, as well as a leading logistics company. More tenants are gradually moving in, including a major player from the multimedia industry. Towarowa22, developed on the site of a former printing house in Warsaw’s Wola district, represents the urban concept of a “superblock” – in this case, eight city blocks gradually filled with multifunctional buildings, public spaces, and a traffic-calmed street grid.
“The acquisition of the remaining shares is a planned step that aligns with AFI’s strategy of increasing involvement in large, unique mixed-use projects,” commented AFI Poland CEO Sebastian Kiec. “In the case of Office House, we have confirmed AFI’s broad skills– as a developer, investor, and property manager. In the latter role, as in our other buildings, we will work to build long-term, cooperative relationships with tenants. The quality and high occupancy level of Office House show the potential of the next stages of Towarowa22. We are actively committed to their planning and development.”
“Office House is a building we are particularly proud of – its features and commercial success in the demanding Warsaw market confirm Echo Investment’s top-level expertise,” added Echo Investment COO Rafal Mazurczak. “The successful sale of the remaining shares to our partner is the best conclusion to the first stage of Towarowa22. Proceeds from the transaction will support further growth of our office business in Warsaw.”
Image source: https://en.echo.com.pl