Germany's Allianz Real Estate confirmed on Wednesday that it is acquiring the entire Platinium Business Park in Warsaw but declined to reveal any details on the transaction price.

The company has signed head of terms with Polish developer GTC Globe Trade Centre (GTC) to buy the 44,000-m2 complex. An Allianz spokesperson said the deal is expected to complete by the end of the year.

The business park consists of four office buildings totalling 44,000 m2 and valued at around EUR 130 mln. In a statement, GTC said the disposal of buildings 1 to 4 will release EUR 40 mln in cash.

The site also includes a fifth office building with 11,000 m2 currently under construction as well as a plot with building permit for another building of 13,800 m2.

GTC said the sale of buildings 5 and 6 is dependent on the achieved leasing and construction thresholds and is expected to be completed in 2012 and 2013 respectively. The buildings' final price will reflect an investment yield of 6.7%.