Linklaters advises Hines European Value Fund on the acquisition of Wola Center from Develia

Linklaters is advising Hines European Value Fund, through its subsidiary Gisla, on the acquisition of the Wola Center office building in Warsaw from Develia. The parties have signed a preliminary agreement with the deal value set at 101.9m.

Gisla belongs to Hines European Value Fund, a closed-end fund managed by Hines, investing in Core-Plus and Value-Add properties since 2017. The company’s main investment targets include office and commercial properties, as well as mixed projects on major European markets.

Wola Center is a complex of office buildings in the Wola district of Warsaw that offers nearly 28,000 sq m office space for rent and a two-level underground car park with over 300 parking spaces available for tenants and guests.

The conclusion of the final agreement depends on the fulfilment of a number of conditions precedent, including the issuing of tax rulings compliant with the law and obtaining all necessary approvals by the parties. The agreement is expected to be signed by the end of 2019.

The transaction team is led by Tomasz Trystuła (senior associate, real estate) under the supervision of Janusz Dzianachowski (partner, real estate).

The wider advisory team includes Joanna Gawlicka (managing associate, banking & finance), Agnieszka Mencel (managing associate, TMT/IP), Jakub Kowal (associate, TMT/IP), Michał Maruszak (junior associate, projects) and Małgorzata Szafrańska (junior associate, real estate).