Largest transaction of ‘09

Deka has bought Deloitte House in Warsaw for £99 million in central and Eastern Europe's largest office transaction of 2009...

The German fund manager bought the 226,000 sq ft office building from the world's fifth largest construction company, Skanska.

Originally called Atrium City before the accounting and consulting firm took 157,000 sq ft of space, Deloitte House was Warsaw's first certified green building.

The deal is the fifth largest office sale in Europe, the Middle East and Africa (EMEA) this year and one of the top 12 trades globally in 2009, according to research from Real Capital Analytics.

Neil Gregory-Eaves, a Director of Colliers International who acted for Skanska, said, ‘While investment volumes in central and Eastern Europe remain low, as the global economy appears to stabilize, we are witnessing renewed institutional and private capital interest in core assets with multiple bid situations returning on some offerings.

‘The interest is largely coming out of Germany on both the debt and equity side.

‘Vendors needing to raise capital in Poland are also benefiting from a return of refinancing avenues which are an attractive alternative to the very opportunistic bids of recent months.'

Source: www.propertyweek.com