News on office space market

The global commercial property consultant Cushman & Wakefield has been appointed by the ARKA BZ WBK Property Market Fund to advise on the sale of ten properties or shares in special purpose vehicles (SPVs) from the Fund's property portfolio.

The property portfolio will be liquidated through the sale of shares in the Fund's SPVs which own properties or through the direct sale of these properties by the SPVs.

The part of the property portfolio of the ARKA BZ WBK Property Market Fund whose sale was commissioned with Cushman & Wakefield comprises ten properties. This portfolio had been built to achieve geographical diversification of assets both within a given city or local market and the entire territory of Poland.

Cushman & Wakefield is to sell the Fund's downtown office buildings such as the Red Tower located at  148/150 Piotrkowska Street in Łódź and Pasaż Pod Błękitnym Słońcem at 7 Rynek Street in Wrocław, as well as non-central location schemes such as the office building at 67/93 Aleksandrowska Street in Łódź and Quattro Forum at 51-53 Legnicka Street in Wrocław.

Buildings put on sale also include office buildings such as Alfa Plaza at 28-32 Batorego Street in Gdynia and the Winogrady Business Center at 46 Solidarności Avenue in Poznań.

Two other office buildings to be sold include Warsaw's FDS Plaza at 469 Puławska Street and a nearby scheme at 435A Puławska Street.

Apart from the eight office buildings, Cushman & Wakefield will also represent the Fund in the sale of the Galeria Pod Dębami shopping centre at 8D Pasłęcka Street in Warsaw and the Ożarów Logistics Centre at 38 Piastowska Street in Bronisze.

Piotr Szmilewski, Senior Surveyor, Capital Markets Group, Cushman & Wakefield, said: "It will be the first Polish property portfolio to be sold as single assets or selected subportfolios. We are also looking for investors who might be willing to buy all the properties on offer. There is now a dearth of attractive investment products in the market and, therefore, we expect considerable interest from foreign and Polish investors".

Łukasz Maciak, Commercial Investment Director, BZ WBK TFI S.A., added: "The properties to be sold are leased to many reputable tenants whose loyalty is the best evidence of the high quality of the offered property portfolio".

Agnieszka Hryniewiecka-Jachowicz, Managing Director, Property Market Funds, BZ WBK TFI S.A., said: "Apart from the ten properties whose sale was commissioned with Cushman & Wakefield, our Fund's portfolio also includes the Alfa Centrum shopping centre in Olsztyn, half of the Trinity Business Park I building in Warsaw, the company Salwator City Sp. z o.o., which is completing the sale of its apartments in Kraków, a company with a development land in Centralna Street in Kraków, and a small development land in Lublin. For the sale of these properties or companies, please contact the Fund directly."