BlackRock sells Warsaw office complex to DeAWM

US investment manager BlackRock has sold the Rondo 1 office tower in the centre of Warsaw to Deutsche Asset & Wealth Management (DeAWM).

The price was reportedly in the region of €300 mln.

The 40-storey building was sold through BlackRock’s Europe Property Fund II to two funds managed by Deutsche Asset & Wealth Management.

Around 95% of the 66,000 m2 of office space is currently let to over 50 tenants including EY, Allen & Overy, Baker & McKenzie, DZP, Dentons and Volkswagen Bank.

Rondo 1 was previously owned by a special purpose investment vehicle of MGPA Europe Fund II, managed by investment advisory company MGPA, which has since been taken over by BlackRock. The fund initially acquired 50% of Rondo I in 2006, increasing this to100% in 2008.

HSBC represented Blackrock Real Estate on the sale of the tower, while Dentons advised on the legal side. CBRE acvised DeAWM on the acquisition.

Blackrock is reportedly also in talks with Norway's giant sovereign wealth fund to sell MGPA's recently redeveloped Le Madeleine mixed-use complex in Paris for €425 mln.