Czech PPF plunges into Poland to buy New City offices

Czech asset manager PPF Real Estate Holding has entered the Polish market with the acquisition of the New City business park in Warsaw from a fund owned by US investor Hines for an undisclosed sum.

The office complex, which is situated in the city’s Służewiec business district, contains 45,000 sqm of leasable space. Tenants include pharmaceutical companies Novartis, Bausch Health, eye care specialist Alcon and a Polish subsidiary of publisher Burda.

“The Warsaw real estate market is booming, being one of the most liquid in Central and Eastern Europe. We thoroughly assessed the location and, despite the local market not having avoided the coronavirus pandemic’s adverse economic effects, New City has shown a high degree of stability compared to other office centres.” said Jiří Sýkora, PPF’s real estate investment manager.

Hines Global REIT acquired New City in 2013 from Europejskie Centrum Inwestycyjne (ECI).

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