Europa Capital LLP is pleased to announce that it has acquired the 27,000 m² Twarda Tower in Warsaw from a fund managed by BPT Asset Management A/S. The acquisition has been made in Europa Fund III, its third pan-European investment fund.
The investment conforms to Europa Capital's strategy of acquiring prime assets in Central Europe, which provide scope for active management and value enhancement.
Twarda Tower was built in 2003 and is located in the heart of Warsaw's Central Business District, next to Jana Pawla II Avenue and in close proximity to the Warsaw Financial Centre and Rondo ONZ. The location is well served by public transportation including the new underground station which is under construction. The building is currently occupied by Telekominukacja Polska S.A, Poland's principal telecommunications operator, which is affiliated to France Telecom.
A comprehensive refurbishment plan will be implemented upon vacant possession in 2013 and Warimpex Polska has been retained to oversee the management of the program. Previously, Warimpex and Europa Capital have together undertaken two successful Warsaw investments at the Sobieski Hotel & Offices and at CityPoint Distribution Park in Targowek.
Europa Capital believes that there exist good prospects for strong rental growth within Warsaw's CBD office market, given the limited supply of existing quality office space and the modest amount of development currently underway. Europa Capital was advised by Savills.
Michael Abel, of Europa Capital LLP, said: "We are delighted to have completed this transaction because opportunities to acquire prime assets in central Warsaw such as the Twarda Tower are rare. This is the third prime investment that we have made for Europa Fund III in Central Europe and the second in Poland. We propose to continue our investment program in the region going forwards".
Source: Europa Capital