The listed company IMMOEAST has sold two large office buildings in Warsaw. The “Mistral” and “Passat” properties in the booming Jerozolimskie Business Corridor were acquired by the Vienna Insurance Group (Wiener Städtische Versicherung). Confidentiality has been agreed concerning the purchase price. IMMOEAST had acquired Mistral in January 2006 and Passat in March 2007.

Together the two properties have a total of 23,300 sqm of usable office space. The buildings are directly adjacent to one another and situated in a first-rate location in the Jerozolimskie Corridor, one of the strongest growing office locations in the Polish capital. Important advantages of this location are good transport connections to the centre and airport as well as good infrastructure.

The rate of occupancy at Mistral and Passat is 100 percent. The by far biggest tenant is the Polish insurance company Compensa, which belongs in turn to the Vienna Insurance Group. Among the additional tenants are a series of international companies including the Korean electronics firm LG Electronics.

“The extremely solid development of the rental market in Central Europe, particularly in Warsaw, has had a very positive impact. Consequently, the interest of institutional investors and the transaction volume on the real estate investment market have noticeably increased,” IMMOEAST Director General Karl Petrikovics explains.