The Von der Heyden Group has cashed in half of its stake in the Liberty Corner building on ul. Bracka in Warsaw, along with an adjacent plot of land, by forming a 50:50 partnership with the Luxembourg based ´Accession Fund´ to own and operate the property. By co-owning the neighbouring plot, the Fund will have the option of participating in the development of Liberty Corner´s phase II together with Von der Heyden.
The Accession Fund was set up by GENERALI and the European Bank for Reconstruction and Development (EBRD) with an initial investment of € 165 mln, which was increased to € 300 mln through the creation of a SICAV involving the entry of institutional investors. The Fund is managed by GLL Real Estate Partners of Germany which is itself the creation of a partnership between GENERALI and Lend-Lease.