New City acquisition, Warsaw

Award: Investment Deal of the Year, CEE
Name of deal: New City acquisition, Warsaw
Value of the transaction: 127 mln EUR
Yield: not to be disclosed
Seller, plus brief information about the company: Europejskie Centrum Inwestycyjne (ECI), a holding company active in the Polish real estate sector for over 12 years.To date the company has realized more than 150,000 sq m of commercial space.
Consultancy which advised Seller: Cushman & Wakefield
Purchaser, plus brief information about the company: Hines is a real estate investment and management firm. Portfolio of projects includes 1,283 properties (47 mln sqm). Hines has offices in 18 countries, and controls assets valued at $25.2 billion.
Consultancy which advised Purchaser: CBRE
Financing institution: ING Bank Slaski SA and ING Bank NV
Please say why this deal should be considered for the award: The New City office complex contains two best-in-class office buildings, New City and NC2, located at the center of Mokotow, Warsaw’s largest office district. The complex is fully leased to 51 tenants including such established and internationally recognized companies as Gruner+Jahr, Novartis, Samsung and Eniro. The total rentable area of the New City office complex is approximately 44,000 sq m. The 11-story New City building contains 40,000 sq m and was completed in 2010. The four-story 4,000 sq m NC2 building has just been completed. The connected properties offer retail space on the ground floor and 1,291 parking spaces in 3 levels. New City acquisition was the largest office transaction in Poland and second largest office deal in CEE region. As this large scale transaction took place in early 2013 it set out the pace for the further activity in the office investment market in the region.


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