Hines purchased New City complex

Hines Global REIT, Inc Fund has purchased the office complex – New City in Warsaw. The former owner was the ECI Group. The project was financed by ING Bank Śląski, Inc a d ING Bank NV. During the transaction, the purchaser was represented by CBRE and the seller by Cushman & Wakefield. Hines Polska will manage the assets and properties on behalf of Hines Global REIT fund.

This is the second transaction of purchasing the property by Hines Global REIT fund in Poland. Prestigious tenants and high quality of the New City complex will contribute to our investment portfolio upgrade,  said Sherri Schugart, Senior Managing Director of Hines Global REIT.

The complex includes two office buildings – New City and NC2, which are located in Mokotów center at 15 Marynarska. Street. It offers about 44 000 sqm of the surface. The first of the buildings, New City was finished in 2010, the second was recently finished and commissioned. The original concept was based on a creation of “a new city within the city,” that is the service and commercial office complex.

New City has been entirely leased. In the facility there are 51 tenants, including companies like Gruner + Jahr, Novartis, Samsung and Eniro.

Mietek Godzisz, Managing Director of Hines Polska, emphasized, We are very happy, that Hines Global REIT has discern potential of the Polish market. The New City complex will constitute a significant fraction of the real estate portfolio, thanks to attractive circle of tenants, excellent localization in Mokotów and high quality project.

After careful selection of the tenants of New City and NC2 we have decided to carry out this transaction with Hines, which is very experienced and renowned investor, said Jerzy leskowie, the ECI Group Director.