In the race for biggest transaction of the year, Invesco Real Estate is bidding to acquire the Q22 office tower from Echo Investments, CIJ source have revealed. As the transaction is still in its early stages, the two sides have refused to comment, but Griffin’s CEO Przemysław Krych told CIJ the deal is expected to close in Autumn. CIJ learned that Invesco has already completed its due diligence and is now bidding against undisclosed investors on the price. Negotiations are being described as extremely tough, according to CIJ sources. The transaction is expected to be the biggest real estate deal on the Polish market this year, though the yield is unlikely to set a new benchmark for Warsaw.
CIJ learned that the transaction is one of three deals Invesco is working on in Warsaw, with the second one being the Królewska offices on Grzybowska street. Invesco recently moved into the building, which was developed by the Austrian based firm S+B. Its third acquisition, observers say, could be a development project.
