Allianz has acquired an 87.5% stake in the Warsaw Financial Center. In this joint venture, the remaining 12.5% have been bought by Curzon Capital Partners III, an investment fund managed by Tristan Capital Partners.
Offices account for some 90% of the floor space.
The office skyscraper has been sold by a property company in which Pramerica Real Estate Investors and CA Immo hold 50% each. The entire investment is approximately 210 million and closing is expected in Q4 2012.
The Warsaw Financial Center is located in Warsaw's Central Business District, in the direct vicinity of the Palace of Culture and the Zlote Terasy shopping mall. It is one of the three outstanding office complexes in the Polish capital along with the Rondo and Metropolitan office tower blocks.
Offices account for some 90% of the floor space of about 50,000 m² in the Warsaw Financial Center, with 4% reserved for retail units and the remaining 6% used for storage and parking. The Warsaw Financial Center is 98% let to a total of 73 foreign and regional tenants.
"Just a few weeks after the Platinium Business Park, we've now carried out another investment in Warsaw," declared Stefan Brendgen, CEO of Allianz Real Estate Germany GmbH."
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."
Source: Allianz Real Estate