Millennium Plaza, Warsaw
Millennium Plaza is centrally located in a prime position on one of Warsaw’s major transport intersections. The asset consists of 32,000 m2 of modern accommodation over a total of 28 floors, providing 4,000 m2 of retail and 28,000 m2 of office space.
The asset is 95% let to a number of significant tenants that include DELL, Embassy of Mexico and ABG Software, an IT company listed on the Warsaw Stock Exchange.
The property was secured in an off-market transaction at a price of €76 million that was agreed in 2006 and that represents an initial yield to Atlas of 8%.
This is a good quality asset in a market that has seen considerable letting activity in recent years. Yields are continuing to compress and rental values are starting to increase, giving confidence that in addition to providing cash flow to the Group, we will experience capital growth in the coming years.
Photos
