POLAND - Allianz Real Estate and Curzon Capital Partners III will acquire the Warsaw Financial Center for €210m from Pramerica Real Estate Investors and CA Immo.
Through a joint venture, Allianz Real Estate will take a majority stake (87.5%) in the prime office tower, while the Curzon fund, advised by Tristan Capital Partners, will assume the remaining stake. Asset management will be conducted by Tristan capital Partners.
Stefan Brendgen, CEO at Allianz Real Estate Germany, said: "The Warsaw Financial Center is an extraordinarily attractive investment for the Allianz companies, and in Tristan Capital Partners we have an ideal joint venture partner."
The Warsaw Financial Center is a 144-metre tall office building with 36 floors, located in Warsaw's central business district. The only other comparable trophy assets in the Polish capital are Rondo One and Metropolitan.
The tower has 50,000 square metres of let-able space, 93% of which is for office and 7% for retail and storage. It is currently let to a diverse tenant base, including Cameron McKenna, DLA Piper, General Electric and Google.
Ric Lewis, CEO at Tristan Capital Partners, said the Warsaw Financial Center was "one of the highest quality assets in Poland, which is the only major economy to have continued to expand throughout the economic crisis, and a market that demonstrates consistent investor demand and increasing liquidity."
The building was sold by a special purpose vehicle jointly held by Pramerica and CA Immo.