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News

Etos and Astoria now owned by Credit Suisse Asset Management

Ethos, A class office building located in the center of Warsaw, was sold by Kulczyk Silverstein Properties to a fund managed by Credit Suisse Asset Management. The fund also bought Astoria and confirms the strategy of increasing investments in Polish real estate market.

"Ethos, a newly rebuilt building, certified with BREEAM at the level of "Excellent", offers approximately 17,700 sqm of office and commercial space. The building was finished in 1998, but underwent a complete renovation at the turn of 2016 and 2017. It is located in a prestigious and very popular office area, next to Plac Trzech Krzyży, at the historical Royal Route" - says Piotr Smagała, managing director of REDD.

A well-exposed and elegant building attracted luxury brands, which are now renting space there. In the building there is also an exclusive restaurant, which was the first in Poland to be awarded a Michelin star.

Tenants also include Italian elegant clothing brands that will soon open their stores in the building.

Kulczyk Silverstein Properties was advised by Avison Young, CBRE and Dentons during the transaction. Credit Suisse used the services of Cushman & Wakefield, Greenberg Traurig, CMT and PwC.

The second building acquired is 10-floor Astoria Premium office building located in the Warsaw business centre. Astoria has to offer over 18 thousand sqm of the highest quality office space and a characteristic rotary LED screen on the roof.

- The office building awarded with the LEED Platinum certificate is located in the center of Warsaw. The undoubted advantages of this almost fully rented office property include green terraces on the 8th and 9th floor, about 1,000 sqm of commercial space on the ground floor and underground parking area - says Piotr Smagała, managing director REDD.

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