UBS (D) Euroinvest Immobilien fund, managed by the company UBS Real Estate Kapitalanlagegesellschaft mbH, has carried out the revitalisation of two buildings located in downtown Warsaw. Owing to this process, the buildings Chmielna 134 Business Office Center and Koszykowa 54 Trade Center, which were erected in the 1990s, have regained their glamour.
The renovation, which aimed at reconstruction of the above-ground parts of the buildings, began in 2012. Main receptions and common areas were renewed, and the areas designated for rent were prepared for clients’ needs and standards. The investor changed wiring, and heating and cooling systems, along with the floorings. Not only the interiors but also the fronts were modernised. The office buildings are to be commissioned in autumn 2013.
From the point of view of managing the assets, our priority is to fulfil requirements of our tenants. It is especially important in cases of markets which develop as intensively as the Varsovian market in last few years. The rebranding of the two buildings emphasises a new positioning of the buildings in relation to the modernisation carried out by us. By dint of their having been renovated, we can offer deluxe office space in Central Business District at reasonable prices – says Klaus Kuncar, Director Asset Management UBS Real Estate Kapitalanlagegesellschaft mbH.
Chmielna 134 Business Office Center (formerly AKTYN) is a 6-storey building, offering around 14 000 m2 of modern office space, along with retail space located on the ground floor. The other revitalised building, Koszykowa 54 Trade Center (formerly IPC), is a 7-storey office building with 10 000 m2 of office space and 750 m2 of retail space.
The modernisation of the buildings is in accordance with the strategy of UBS (D) Euroinvest Immobilien fund, which specializes in office investments in Europe, buying quality real estates in prestigious locations. The fund’s portfolio comprises among others of Ilmet and Nova Praga office buildings.
The value added due to repositioning and reconstruction is one of the main conditioning factors in building industry. In this case, the use of new ideas meant reduction of common space and creation of new rental units, which guarantees maximum flexibility of space. The renewed lobby together with modern receptions crown the favourable image. Owing to a considerable extent of reconstruction, the quality of the buildings currently corresponds to their attractive location in Central Business District – observes Wolfgang Summer, Director Construction Development UBS Real Estate Kapitalanlagegesellschaft mbH.