Generali Real Estate has completed the acquisition of Le Palais, a prestigious office building in Warsaw, on behalf of the pan-European “Generali Europe Income Holding” (GEIH) fund. The seller of the asset is Patrizia AG on behalf of its institutional clients. The purchase price was not disclosed.
Le Palais is a historic building in Warsaw, featuring classic architecture coupled with modern technical solutions. The 6500m² property is located in the Central Business District of Warsaw, ideally connected to the rest of the Polish capital by public transport and well served by a variety of services such as restaurants, hotels and shopping centres, which made it the building of choice for a strong tenant mix, both for the office and retail spaces. The building is certified BREEAM Excellent.
The transaction confirms the Generali Real Estate interest in the office segment, where the company is one of the biggest investors in Europe. It also marks another acquisition in Poland by the GEIH fund, with an investment strategy focused on the office sector, targeting high-quality core assets in central areas of the main cities across Europe. For high-quality assets demand is still high both from tenants and investors, showing resilience despite the volatile environment. The acquisition also proves the increasing importance that Central and Eastern Europe plays in the Generali portfolio strategy; in the Region, GRE currently manages a portfolio worth around €1.22bn.