A joint venture between Curzon Capital Partners III (CCP III), a core-plus real estate fund advised by Tristan Capital Partners and Allianz Real Estate, acting on behalf of several Allianz group companies, has sold one of Warsaw’s most prestigious skyscrapers, Warsaw Financial Center (WFC) to CPI PG, a Warsaw and Luxembourg listed investor, developer and asset manager. Financial details were not disclosed.
Matt Lunt, Executive Director, Portfolio and Asset Management at Tristan Capital Partners, said: “When we first acquired WFC, we undertook major refurbishments to the entrance and ground floor lobby areas and have worked steadily to increase occupancy to 99 percent, with tenants including leading Polish and international corporations such as Google, CMS Cameron McKenna, Bloomberg, the World Bank and Kompania Piwowarska, part of the Asahi group of Japan. WFC is now a highly sought-after institutional-quality asset, which offers modern design and excellent environmental credentials in Warsaw’s CBD.”
Standing at more than 144 metres tall with 36 floors, Warsaw Financial Center is one of the premier grade A office buildings in Eastern Europe. The asset is located in the heart of Warsaw’s central business district, with excellent visibility and accessibility and is certified LEED gold. WFC comprises almost 50,000 sqm of lettable area, 93 percent of which is office space, with the remainder consisting of retail and storage. The property also offers 333 internal parking spaces spread across six above-ground floors in the building.
“CPIPG is pleased with the quality of our acquisitions in Warsaw. We are on track to meet our goal of investing more than €800 million in Warsaw by early 2020,” said Martin Nemecek, CEO of CPIPG. “Our ample cash balances and access to attractive financing will allow CPIPG to continue pursuing opportunities to invest in our business and capital structure going forward.”
CCP III was advised by JLL, CMS, EY and CMT.