White Stone sells Celebro to a newcomer to the Polish market - Eika Real Estate

Avison Young represented the seller.

White Stone Development sold Celebro office building to Eika Real Estate Fund represented by its management company Eika Asset Management. Celebro is a modern class A office building located in Warsaw at 22 Gładka Street, offering ca. 7,200 sqm GLA. It was designed by the prestigious architectural studio Kuryłowicz & Associates. Built in 2019, it has a BREEAM New Construction Very Good certificate.

Celebro is 100% leased. The largest tenant is Avon, associated with this location for over 20 years. Part of the building has been adapted for the needs of a clinical trials center for the tenant Pratia from the Neuca group - one of the largest pharmaceutical companies in Central and Eastern Europe. At the end of 2022, Pratia launched the most modern clinical trial center in Europe, MTZ powered by Pratia, focusing on oncology therapy.

The buyer, Eika Real Estate Fund represented by its management company Eika Asset Management, is a Lithuanian asset manager. The portfolio consists mainly of diversified properties in various market segments, located mostly in Lithuania. However, the investor is continuing to be interested in the markets of Central and Eastern Europe.

Anna Suchodolska, co-CEO and CFO at White Stone Development: “We are proud that our building has attracted a new investor on the Polish market, Eika Real Estate Fund. Celebro was built by SPS Construction, a company from our group, then leased to excellent tenants, efficiently managed, which is why we are convinced that we are giving an excellent investment product to the new owner.”

Viktorija Orkine, CEO of Eika Asset Management: “We are happy about this successful closing which is our first investment in Poland. After having built a strong portfolio locally in Lithuania, we have decided to expand our presence to other countries. We are already invested in Latvia and Slovakia. We perceive Poland real estate market as strong and stable, therefore we consider further purchases here.”

Michał Ćwikliński, Principal, Managing Director at Avison Young: “Celebro transaction confirms the attractiveness of the Warsaw office market. In these times of uncertainty, investors are scrutinizing their investment decisions more closely, often leaning towards lower-risk properties. Example of such an asset is undoubtedly Celebro – new, with strong tenants, very well connected with the rest of the city.”

Avison Young represented the seller. CMS and MDDP teams advised White Stone on legal and tax issues accordingly.

The buyer was advised by Eversheds Sutherland, JLL and TPA.