Axa Investment Managers Deutschland has bought a 49% share in a Polish portfolio for €145m (£97.8m) at an initial yield of 6%

The fund manager bought the share of the portfolio from the European Bank for Reconstruction and Development Bank (EBRD). The portfolio comprises five office buildings still under construction totalling 908,480 sq ft (84,400 sq m) in central Warsaw. The remaining 51% share of the portfolio is held by Austrian bank Investkredit.

EBRD will continue its partnership with Investkredit and has established the E3-Fund which is managed by Europolis, the real estate investment arm of Investkredit. The E3 fund focuses on Russia and Ukraine and the EBRD and Europolis have invested a total of €300m (£202m) in it..

Doug Hardman, DTZ regional investment director for Central and Eastern Europe which acted for AXA, said: ‘The office buildings are well located and will be the cream of the crop in the Polish office market. The fact that another German open ended fund has entered this market shows the maturing nature of the investment market in central Europe.’