Allianz and Tristan Fund JV acquires Warsaw Financial Centre
A joint venture between Allianz Real Estate and Curzon Capital Partners III, a core plus real estate fund advised by pan-European investment manager Tristan Capital Partners, has acquired the Warsaw Financial Centre (WFC) for EUR210m.
Tristan Capital chief executive Ric Lewis says: “WFC is one of the highest quality office assets in Poland, which is the only major economy to have continued to expand throughout the economic crisis, and a market with strong fundamentals that demonstrates consistent investor demand and increasing liquidity. We're confident that in combination with a partner such as Allianz, this asset will produce solid returns for our investors.”
Standing over 144 metres tall with 36 floors, the Warsaw Financial Centre is recognised as one of the top grade A office buildings in eastern Europe. The asset is located in the heart of Warsaw’s CBD. Together with Rondo One and Metropolitan, it is one of the top three properties in Poland’s capital.
WFC comprises almost 50,000 square metres of lettable area of which 93 per cent is office space and seven per cent is retail and storage. Furthermore, there are 333 internal parking spaces spread across six above ground floors in the building. The asset is currently c. 98 per cent let to a tenant base including such companies as Cameron McKenna, DLA Piper, General Electric and Google.
“Just a few weeks after the Platinum Business Park, we’ve now carried out another investment in Warsaw,” says Stefan Brendgen, chief executive of Allianz Real Estate Germany. “The Warsaw Financial Center is an extraordinarily attractive investment for the Allianz companies, and in Tristan Capital Partners we have an ideal joint venture partner. We will continue to invest in Poland under our diversification strategy.”
Asset management for the asset is to be conducted by Tristan Capital Partners. The property’s seller was an SPV jointly held by Pramerica Real Estate Investors and CA Immo.
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