CS nemovitostni fond, managed by REICO investment company of Česká spořitelna (REICO IS ČS), has bought the second part of the Proximo office complex in Warsaw for EUR 77.3 mil in the middle of September 2018.  The seller was the development and investment company Hines, which completed the Proximo II building in January 2018. The building is fully leased and among key tenants, it includes global consulting companies such as Accenture and Ernst & Young.

Proximo II is a modern 10-storey office building with a total of 20,703 sqm of lettable areas. It was finished in January 2018 in the immediate vicinity from the Proximo I building. The initial project was bought by REICO in 2017 for ca. EUR 116.6 mil. While the acquisition of the first phase represented market entrance of REICO in Poland, this year’s acquisition has become the third transaction on the local market and an important strategic step in the consolidation of this highly successful office park. The purchaser was advised by White & Case, CBRE, TPA and DIL within the transaction.

„Acquisition of the second phase of the Proximo project is a continuation of the investment sucess story from 2017. On the back of this third acquisition in the current year, the CS nemovitostni fond achieves a very high invested ratio which shall have a positive influence on the fund permance.“ Says Filip Kubricht, the CEO of REICO IS ČS.

Key tenants of the Proximo II building are the global consulting companies Accenture and Ernst & Young, which together occupy most of the rentable area. Other important tenants include Six, Storck and IT Kontrakt. The Proximo office project is located in the immediate proximity of the Rondo Daszynskiego metro station, which forms the western part of Warsaw’s central business district (City Centre West). The location is anchored by the currently highest office tower in Warsaw and belongs to one of the most dynamic office districts in Central Europe. 

„Historical experience suggests that consolidated office parks achieve superior performance than that of scattered ownership stakes. Via consolidation of both parts of the Proximo complex we are aiming for economies of scale in management and, consequently, better tenant retention ratios.“ adds Tomáš Jandík, CIO of REICO IS ČS.

CS nemovitostni fond was established in 2007 and is the largest as well as the oldest real estate fund in the Czech Republic. It is primarily intended for conservative investors. The return reached 3.52% p.a. during the last 12 months and 2.76% p.a. during the last 5 years (30st August 2018). The fund currently owns 15 real estate properties in the Czech Republic, Slovakia and Poland, with a total value of almost CZK 25 billion