Hines has agreed to the purchase of Wola Center, a 34,000-square-meter (366,000-square-foot) office asset in Warsaw, on behalf of the Hines European Value Fund (HEVF 1).
The asset has been acquired from Polish property company Develia, listed on the Warsaw Stock Exchange, for an undisclosed price.
The acquisition represents the eighth portfolio investment for HEVF 1, the firm’s flagship core-plus/value-add fund, for which Hines raised €721 million ($800 million) of equity commitments in closings from July 2017 to August 2018, exceeding the original fund target size by more than 40 percent. The fund’s portfolio of investments includes multi-sector assets in Denmark, Germany, Italy, Spain and the United Kingdom.
Wola Center comprises four interlinked buildings around a central atrium and is located in the heart of the CBD West, the city’s modern business and retail center. The building was developed in 2013.
The modern, class A office space is curre
