Warsaw, October 22, 2012. A fund managed by Griffin Real Estate has acquired from Orbis S.A. the 369-room Hotel Polonez and an adjacent 4,000 square meter development site, located at Niepodległości Avenue 36 in Poznań, Poland. Financial terms of the transaction were not disclosed. Colliers International advised Griffin on the transaction.
The Hotel Polonez was built in the early 1970s and has a usable area of 21,000 square meters. The Property is situated in central Poznan near the historic Old Town and in the direct neighborhood of the University of Adama Mickiewicza. Poznan is home to number of universities and technical schools and has a total student population estimated at 140,000. Griffin plans to convert Hotel Polonez into a student housing condominium project and the redevelopment of the property will include a 5,000 square meter commercial base.
Orbis S.A. has also granted exclusivity to Griffin on another major property located in Warsaw and this conditional transaction is scheduled to close in 2013.
The Hotel Polonez transaction represents the sixth acquisition by Griffin in 2012. Griffin assets under management comprise both development lands and standing investments which have a combined capacity of over 300,000 sqm GLA of office space, 100,000 sqm GLA of retail space and 270,000 sqm buildable residential area. Griffin intends to increase its investment activity and plans to double assets under management in the coming two year period.