Generali buys in the center of Warsaw
14:24
Generali Real Estate has completed the acquisition of Le Palais office building in Warsaw for an undisclosed sum, the seller (on behalf of its institutional clients) was Patrizia fund. Eight years ago the building changed hands for more than 30 million euro.
Le Palais is a historic building from 1882, located in Warsaw’s Śródmieście district on Próżna Street. The 6.5 thousand sqm tenement house, converted into an office building, has a BREEAM Excellent certificate. Tenants include Ipopema (financial services and brokerage company occupies 2.5 thousand sqm), Austrian Cultural Forum, Accreo, Warimpex and Schoenherr.
The property was extensively renovated by Warimpex and sold to IVG in 2013 for approximately €31 million. IVG evolved into Triuva, which was sold to another German fund, Patrizia, in late 2017.
In the latest transaction, Generali Real Estate acted on behalf of the pan-European fund Generali Europe Income Holding (GEIH), managed by Generali Real Estate. In the transaction, the buyer was advised by JLL, Linklaters, TPA and BNP Paribas.
The Italian investor, Generali Real Estate, currently manages a portfolio of approximately €1.22 billion in the CEE region. Patrizia currently manages assets in Poland worth about EUR 200 million, focusing on the office, logistics and residential sectors.
