Benson Elliot, acting on behalf of its pan-European fund, Benson Elliot Real Estate Partners V L.P. has acquired Marynarska Business Park (MBP), an award-winning office complex in Warsaw, from a fund managed by Heitman Real Estate. The purchase price was c.€65m. MBP provides 46,000m² of office space across four buildings, together with 1,400 car parking spaces. The site was developed by Ghelamco in 2008, with the project earning recognition that year as CEE Real Estate Office Development of the Year and Best Overall Development in Poland.
The business park is prominently situated in Mokotów, Warsaw’s largest office sub-market outside the city centre. Benson Elliot is planning a targeted refurbishment of the property, encompassing an upgrade of communal areas and an expansion of occupier-focused amenities (including MBP’s food and beverage offering). In addition, the company plans to re-design the park’s external areas to improve the volume of green space, providing the park’s office users with a significantly enhanced work environment.
Joseph DeLeo, Benson Elliot Senior Partner, said: “Marynarska Business Park represents the second office investment in Warsaw for Benson Elliot in the last 12 months. Warsaw offers a compelling office investment story today, with the market benefitting from rising take-up, falling vacancies and strong investor interest. Tenant demand is being driven by international and domestic companies seeking access to a young, well-educated, multilingual workforce. The acquisition of MBP fits in well with our strategy of acquiring quality office assets in strong locations across Poland. We look forward to building on the park’s longstanding popularity, providing tenants with contemporary space in a healthy environment.”
