IVG Institutional Funds acquires BTC Office Center in Warsaw (DE/PL)

IVG Institutional Funds GmbH, Frankfurt, has acquired the BTC Office Center in Warsaw for one of its special funds. The parties have agreed not to disclose the purchase price.

BTC Office Center Warschau

The 10-story office building is fully let.

The 10-story office building, completed in 2002, which features 8,700 m² of rentable space, 28 parking spaces in an underground garage and 132 parking spaces on the premises, is fully let. Its biggest tenants include Iberdrola Renewables Polska, BIC Polska, SII, International Masters Publisher, AXA, Raiffeisen Bank Polska, Opera Software Poland and Open Finance.

The state-of-the-art building is located directly on an underground station in the Mokotów district, with access to a variety of other transport options. The Mokotów district is one of the preferred office locations between the airport (10 minutes' drive) and the city center (15 minutes' drive).

Maciej Zadel, Head of IVG's Warsaw branch, has emphasized that the acquisition of the BTC Office Center by IVG Institutional Fund is the second-largest of its kind after that of the Victoria office building in October 2010 for around €29 million. Zajdel also referred to the excellent economic situation in Poland and specifically in Warsaw. The country has become a favorite for international investors and was spared from the recession that followed the international financial crisis.

The Warsaw office market has since ranked among the most stable property markets in Europe and is benefiting from demand for modern office space.

Source: IVG Immobilien AG

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