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Colliers International has announced it arranged the largest commercial real estate transaction in Central and Eastern Europe to date in 2009.
 
Colliers International has announced it arranged the largest commercial real estate transaction in Central and Eastern Europe to date in 2009.
In the transaction, construction giant Skanska sold Deloitte House, located in the central business district of Warsaw, to a fund managed by German-based international investment management firm Deka Immobilien for EUR 117 mln.
The newly constructed, 21,000m2, Class A office building is the first certified green building in the Polish capital. The property officially opened this month.

Colliers represented Skanska and Clifford Chance acted as legal advisor to the seller.
Colliers also serves as property manager for the fully leased building. The global financial services firm Deloitte is the anchor tenant. 'Deloitte House is a best-in-class product in the European Union's best performing economy,' said John Banka, a director of Colliers International in Poland.

 

Olga Kozina, Regional Director of Capital Advisory Department of Colliers International Baltic States & Belarus, comments: „In spite of dominating pessimistic mood in the world, qualitative investment grade properties are still one of the most reasonable investment vehicles. Strong covenants, sustainable quality and reasonable long-term market development outlook is the base for large-scale investment transactions within current very conservative investors approach. CEE markets still have their own advantages and investors are adopting their strategies according to both the overall situation and local market specifics. With completion of such a landmark transaction Colliers International is happy to prove the ability of investment markets to function and real capacities of investors to proceed. The life is going on and even in hard times investors are still looking for money allocation while searching for more adequate and individual solutions correlating to the country specific risks and local market capacities.”

 

Skanska and Deka reached a preliminary sale agreement in September 2008. Originally called Atrium City, the building was renamed Deloitte House when the firm signed on as the anchor tenant, taking 14,600 m2.
Colliers said that according to data supplied by industry research firm Real Capital Analytics the sale ranked as the fifth largest office sale in Europe, Middle East and Africa in 2009 to date, the year's largest transaction in Poland, and one of the top 12 office trades globally.