Corporate News
Corporate News

IMMOFINANZ to acquire remaining shares in Warsaw’s EMPARK Business Park

IMMOFINANZ is acquiring the remaining shares in the Warsaw EMPARK Mokotów Business Park to become its sole owner. This transaction expands IMMOFINANZ’s leading position on the office market in the Polish capital. IMMOFINANZ previously held 50% of EMPARK and is purchasing the remaining shares from its former joint venture partner, an affiliate of Heitman LLC. The parties have agreed not to disclose any information on the sale price. The transaction is subject to approval by the Polish antitrust authority and the closing is expected to take place in September 2015.

EMPARK is one of the largest connected office sites in CEE. The nine buildings have approximately 117,000 sqm of rentable space and are located in close proximity to the airport. Tenants include numerous major international companies from the chemical, IT, food, and banking industries.

“The full takeover of the EMPARK will strengthen our standing investment portfolio and sustainable cash flow in Poland, which is one of our growth markets. The Business Park also offers attractive opportunities for development over the coming years“, indicated Oliver Schumy, CEO of IMMOFINANZ.

Together with this transaction, IMMOFINANZ holds 19 office standing investments in Warsaw and is the market leader in the Polish capital with approximately 270,000 sqm of rentable space.