Generali Real Estate, the real estate arm of the Italian insurance giant, has acquired Piekna 2.0, a 15,800 m2 office building in Warsaw, from an investment fund advised by Griffin Real Estate.
Generali purchased the asset on behalf of the Generali Europe Investments Holding (GEIH) Fund, which focuses on prime office, high street retail and retail assets in major European cities. Financial details were not disclosed.
Piekna 2.0 is an eight-storey office building with high street retail units on the ground floor. Built in the early 2000s, it recently underwent a major refurbishment and currently has the Polish Financial Supervision Authority (KNF) as the anchor tenant.
Generali said the acquisition strengthens its managed portfolio in Warsaw, which includes the KroLEWska building, Senatorska 18 and Plac Malachowskiego amongst others. It also illustrates the company’s strong focus on Central and Eastern Europe, where Generali Real Estate currently manages a portfolio worth around €1 bn.
JLL advised Generali Real Estate on the transaction. The company was also represented by White&Case, PWC, Baker McKenzie and Gleeds.
Generali recently announced it was backing a new real estate boutique focusing on shopping centre investments, called Axis Retail Partners, to the tune of €500 mln.
