Proximo sold for over 116 million euros

On August 9, 2017 Hines, the international real estate firm has announced the sale of the Proximo I office building by Hines Russia & Poland Fund for ČS nemovitostní fond (CSNF), managed by REICO investiční společnost České spořitelny.

The transaction is valued at EUR 116.6 mln. High-class building located right next to the subway station “Rondo Daszyńskiego” was officially opened in June 2016, and the level of its commercialization exceeds 95%. HRPF fund is managed and financed by Hines.

‘We are very happy to have transacted with a reliable and stable investor like REICO. 
I would like to thank both teams and their advisors for hard work and dedication to this transaction which have led to a very satisfying conclusion for the Buyer and the Seller’ – said Wojciech Rumian, Member of the Management Board of Hines Polska.

‘The CSNF portfolio is currently undergoing a substantial rebalancing program. Acquisition of Proximo I from a renowned developer Hines represents an important step towards regional diversification of our risk exposures and access to prime product which is hard to get in our home markets, the Czech Republic and Slovakia’ – said Tomáš Jandík, Chief Investment Officer at REICO IS ČS.

The seller was represented by Cushman&Wakefield, Crido and Dentons whereas the purchaser was advised by international advisory firms CBRE, CMS, TPA and DIL.