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Constructed in 2002, the Moniuszki Tower is a prominent office building in the center of the Polish capital. The 11,589 sq. m. building currently houses the Polish telecommunications operator Telekomunikacja Polska S.A (TP SA) and is one of several buildings occupied by the telecom group. The property is set to undergo a complete recommercialization during 2013 when TP SA is expected to relocate to their new campus.

Both parties have agreed not to disclose the transaction value. However, the sale is another important step in the medium-term strategy to refocus and deleverage BPT Optima.

- "Moniuszki Tower is an attractive building with a lot of asset management potential. However, at this stage our focus is on tightening the BPT Optima portfolio and limiting any exposure to the possible refurbishment risk which will come with the anticipated expiry of the lease term with single tenant TP SA. To that end, we are happy to see the property go to a manager committed to that project", says Antanas Anskaitis, fund manager for BPT Optima.

The Warsaw office market has seen a positive development over the past year with moderate growth in prime rents and decreasing vacancy as occupier demand remains strong. The trend has resulted in falling yields and increased investor activity.

- "This transaction goes to show that there is buyer interest in the market and exits can be performed not only for core assets. Warsaw is a rising office market in Europe in the middle of an economy that has been doing relatively well through the financial crisis, and this is attracting a lot of local as well as international attention", explains Antanas Anskaitis.

BPT Optima intends to continue its divestment strategy in 2012. The fund currently owns five other office buildings in the Polish capital with a total portfolio size of close to 100,000 sq. m. of prime office space.

For further information, please visit www.bptam.com or contact:

• Antanas Anskaitis, BPT Optima Fund Manager, click here to email
• Bettina Knudsen, Director, Investor Relations & Marketing, click here to email, +45 33 69 07 33

Photos of the property are available upon request. Please contact Bettina Knudsen. See contacts above.

Download the full press release in pdf here

Following the transaction, the pan-Baltic retail chain, Rimi Baltic Group, will not only be the anchor tenant and main occupier of this 5,900 sq. m. neighborhood shopping centre but also the sole owner.

Although the transaction price is not disclosed, the sale realizes a satisfactory capital gain to the investors in BPT Optima, both on the original acquisition price and the latest property valuation. The divestment is thus a successful step in the medium-term plan to divest parts of the BPT Optima portfolio.

"Valdemāra Rimi Hypermarket is a classic example of the kind of neighborhood shopping centre with a strong submarket location in which BPT has a long track record of investing. The sale goes to show not only the solidity of the original investment case but also the options to exit in the current market environment," says BPT Optima Fund Manager, Antanas Anskaitis.

The Valdemāra Rimi Hypermarket is conveniently located with no immediate competition and the strategic nature of the location was one of the main arguments for the tenant to secure this location under direct ownership. This investment transaction is among the largest in the Latvian capital this year and the interest for the property has been strong from both local Baltic and Scandinavian institutional investors.

The Valdemāra Rimi Hypermarket was originally acquired in 2003 by the first BPT real estate investment fund, BPT A/S. Upon exit of the fund in 2007, the asset was taken over by BPT Optima. Through active asset management, the revenue from the property has grown by more than 30% and the value more than doubled since the original acquisition, leaving both the investors in BPT A/S and BPT Optima with a satisfactory return on investment.

BPT Optima continues to own two retail properties in Riga; the Barona Centrs on Kr. Barona Street and Olimpia Shopping Centre on Ķīpsala Island.

For further information, please visit www.bptam.com or contact:

• Antanas Anskaitis, BPT Optima Fund Manager, Click her to email
• Bettina Knudsen, Head of Investor Relations & Marketing, Click here to email, +45 28 14 59 33

Photos of the property are available upon request. Please contact Bettina Knudsen. See contacts above.

Download the full press release in pdf here

Please find the report here.

For historic Quarterly Fund Reports, please click here.

Please find the report here.

For historic Quarterly Fund Reports, please click here.

Please find the report here.

For historic Quarterly Fund Reports, please click here.

Please find the report here.

For historic Quarterly Fund Reports, please click here.

Please find the report here.

For historic Quarterly Fund Reports, please click here.

Please find the report here.

For historic Quarterly Fund Reports, please click here.

Please find the report here.

For historic Quarterly Fund Reports, please click here.