Benson Elliot, acting on behalf of its pan-European fund Benson Elliot Real Estate Partners IV, has acquired an office building in central Warsaw from an institutional fund. The purchase price was not disclosed.
Built in 1995 and refurbished in 2012, the property comprises c. 14,100m² of modern office space, with ground-floor retail and 96 car parking spaces. The building is prominently situated in the popular City Centre West sub-market, a dynamic business district seeing rising rents due to its excellent transport links, local amenities and limited new supply.
Benson Elliot is planning a transformative refurbishment and subsequent repositioning of the building. The value-add programme will see an upgrade to the existing space and delivery of state-of-the-art amenities including co-working areas, an improved F&B offering and green spaces. When completed, the building’s workplace and tenant appeal is expected to be markedly enhanced, offering contemporary space in an increasingly popular area of central Warsaw.
Joseph DeLeo, Senior Partner at Benson Elliot, said: “We’ve been engaged in Poland’s regional office markets for several years, but see a compelling investment story in Warsaw now too. The Warsaw office market is seeing rising take-up, falling vacancies and strong investor interest, with international companies moving to the capital to benefit from its young, well-educated, English-speaking workforce. We’re well-positioned to capitalise on the opportunity and look forward to delivering an exciting new urban workplace in this increasingly sought-after locale.”