Ethel Austin Poland has announced the purchase of the Maris office building in Szczecin for Euro 14 mln. The transaction, the 7th in the company’s first year, brings the portfolio to in excess of Euro 30 mln. The property was bought from a German investor and sees Ethel Austin Poland investing in what is a strong growth market in Szczecin due to its proximity to Germany and Berlin.

Ethel Austin Poland is a joint venture between Ethel Austin Properties, a UK property company with a portfolio of over Euro 1 bln, and investment surveyor Richard Walker. Based in Warsaw, Ethel Austin Poland is focused on sub Euro 10 mln deals in secondary cities. The company has completed 7 deals in its first year, including office buildings, high street and stand-alone retail units, and residential pre-purchase agreements. It has a significant pipeline of deals currently under offer. Richard Walker was formerly an investment surveyor with Jones Lang LaSalle’s Investment teams in London and more recently Warsaw. He is partnered at Ethel Austin Poland by Theo Michell, previously an Associate Director with Jones Lang LaSalle’s Development and Asset Strategy Consulting group in London. Richard Walker commented: “We see great depth of opportunity within the Polish property market, supported by strong economic and social fundamentals and we are well placed to capitalise on these opportunities.”

Current tenants on the site include BL Stream, SGI Komfort, Genfler Lloyd, and local government offices for the West Pomeranian Voivodeship.

Source: Ethel Austin Poland