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WARSAW-Heitman’s European Property Partners III fund has acquired the Mokotow Business Park here for approximately $287 million. Located adjacent to the Gallery Mokotow shopping center, the park has 1.15 million sf in nine class B office buildings.

The seller consisted of three subsidiaries of Globe Trade Centre SA. The locally headquartered company is rebalancing its Poland portfolio by selling mature assets in Warsaw in order to fund new developments in Warsaw and other large cities in the county.

GTC earlier this month broke ground for Platinum Business Park, a 97,000-sf office park located across the street from the one it sold to the Heitman fund. GTC also is developing projects in Kraków, Poznañ, Wroc³aw, £ódz, Czêstochowa and Katowice.

While occupancy in the Mokotow Business Park was not immediately available, office vacancy rates in major Polish cities currently range from 1% to 7%, according to published reports, and the demand for class A office space has increased in recent months. As a result, the Heitman fund managers are betting that lease rates for class B properties like Mokotow Business Park also will rise.

Heitman European Property Partners III attracted about $459 million of equity. About half has been invested. With leverage, the fund expects to acquire approximately $1.3 billion in investments. The fund is targeting all the real estate food groups in several countries, including Poland, Hungary, the Czech Republic, Slovakia, Slovenia, the Baltic States, Romania and Bulgaria. Working mostly out of Warsaw, Heitman has a team of 45 people investing the fund.

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