Fund management group Europa Capital has acquired the Twarda Tower in Warsaw from a fund managed by BPT Asset Management. Europa declined to disclose the purchase price.
Fund management group Europa Capital has acquired the Twarda Tower in Warsaw from a fund managed by BPT Asset Management. Europa declined to disclose the purchase price.
The acquisition was carried out on behalf of Europa Fund III, Europa Capital’s third pan-European investment fund which focuses on prime assets in Central Europe and Poland which offer scope for active management and value enhancement. The acquisition is the third for Europa Fund III in Central Europe and the second in Poland.
Twarda Tower was built in 2003 and is located in the heart of Warsaw’s Central Business District, next to Jana Paw³a II Avenue and in close proximity to the Warsaw Financial Centre and Rondo ONZ. The building is currently occupied by Telekominukacja Polska, Poland’s main telecommunications operator, which is affiliated to France Telecom.
Europa Capital said it will implement a comprehensive refurbishment plan upon vacant possession in 2013. Warimpex Polska has been retained to oversee the management of the programme. Warimpex and Europa Capital have previously undertaken two Warsaw investments together at the Sobieski Hotel & Offices and at CityPoint Distribution Park in Targowek.
Europa Capital was advised on the deal by Savills.
Europa Capital is a member of The Rockefeller Group. Since 1995, Europa Capital’s principals have collectively raised six real estate funds and committed to over 70 transactions totalling some EUR 7 bn across 17 European countries.
