Generali Real Estate has completed the acquisition of Senatorska 18, a prime historical office building located in Warsaw’s central business district, also known as Jabłonowski Palace from S+B Gruppe AG. The transaction follows the recent purchase of another asset located in the same area of the Polish capital, Plac Małachowskiego. The purchase price was not disclosed.
Originally built in 1773, and then reconstructed in 1997, the asset comprises 17,700m² spread over five floors. It is located in one of the city’s most prestigious neighbourhoods, in front of the Grand Theatre, and enjoys close proximity to the Old Town. The building is currently occupied by mBank.
The acquisition is in line with Generali Real Estate’s strategy of investing in the main European cities, with a focus on prime office, high street retail and retail assets. It also testifies the company’s increasing focus on both Central and Eastern Europe, where Generali Real Estate currently manages a portfolio worth over €800m.