The real estate fund UAB Eika Real Estate Fund (EREF), managed by the fund management company UAB Eika Asset Management (EAM), has completed the transaction for the acquisition of the business center Celebro in Warsaw, which is the fund’s first investment in neighboring Poland. The business center has two anchor tenants – Avon and Pratia. The transaction amount is not disclosed.
Celebro Business Center – a modern building completed in 2019 is located at Gladka Street 22 in Warsaw. Celebro is located close to Chopin Airport and major highways. It is conveniently located for easy access to important locations – the city center, the Mokotow business district, or the Jerozolimskie corridor. The building has a BREEAM “New Construction Very Good” rating.
The 7,200 sq m business center has 139 parking spaces. Celebro is currently 100% leased to two strong tenants: Avon, one of the world’s most famous cosmetics brands, and Pratia Clinic, part of Neuca Group, one of the largest pharmaceutical companies in Central and Eastern Europe.
Viktorija Orkinė, CEO of EAM, says that this is the fund management company’s third investment abroad. “This investment is part of the purposefully implemented strategy we have chosen – to invest in CEE countries – while diversifying the portfolio. The investment in this business center is safe, as it generates a constant long-term rental income stream, and we believe in the potential of the city of Warsaw and continue to plan investments in this region,” shares V. Orkinė.
The business center was acquired from real estate developer White Stone, with the assistance of Polish-based consultants JLL, Eversheds-Sutherland lawyers, and TPA financial and tax consultants. The transaction was financed by BNP Paribas bank.
Celebro is EREF’s 9th investment. In addition to it, EREF’s investment portfolio includes the Highway business center and Audi and Volkswagen car dealerships in Vilnius, the DHL Lietuva terminal in the Vilnius Airport area, and the Tamro logistics center of the BENU pharmacy operator in the Kaunas FEZ, the ViaCon Baltic manufacturing center in the Kaunas district, the Tesla Business Center in Slovakia, and the Groston shopping center in Riga.
EREF is the second of four real estate funds managed by EAM to invest in commercial properties. EREF invests in classic commercial assets – office buildings, shopping centers and logistics or light industrial facilities in the CEE region.