IVG Warschau Fonds, an investment fund managed by IVG Institutional Funds GmbH, has acquired N21, a fully leased 3,500-m² class-A office building situated in Warsaw's central business district.
The property is located at Nowogrodzka 21 and was acquired for a purchase price of approximately 15 million. SwedeCenter, the vendor of N21, is the Polish property development business of the Inter IKEA Group of companies. SwedeCenter completed the development of N21 in 2008.
N21 is an exceptionally high quality, nine-level business center offering boutique office areas to 19 tenants. The location is well served by amenities and public transportation; Warsaw's central metro station is a short walk away.
"We are pleased to add N21 to our growing Warsaw office portfolio and appreciate the property's central location and high quality specification," commented Maciej Zajdel, Managing Director of IVG Poland.
"N21 is the second building acquired for the recently launched IVG Warschau Fonds, which targets total volume of 250-300 million."
N21 also represents the fourth Warsaw office building acquisition of IVG for its various funds in the last 12 months and follows the purchase of the Victoria Building, BTC and Ujazdowskie 10.
Colliers International and law firm Salans acted on behalf of IVG in the transaction.