A fund managed by Griffin Real Estate has acquired Philips House and Batory Office Building I, two modern office buildings located in suburban Warsaw, in a court bankruptcy public tender.
A fund managed by Griffin Real Estate has acquired Philips House and Batory Office Building I, two modern office buildings located in suburban Warsaw, in a court bankruptcy public tender.
The financial details were not disclosed.
Philips House is a 5,571 m2 office building fully leased to the Polish subsidiary of Royal Philips Electronics on a long-term basis.
The property was developed by TK Development in 1999 for Philips Polska. Philips sold the building in 2006 in a sale-and-leaseback transaction to Eindhoven Properties, a real estate company managed by Guardian Managers, which was declared insolvent in 2012.
Philips House, which sits on a freehold site of almost 7,000 m2 and provides 170 parking spaces, is located along Aleje Jerozolimskie, about 5 km to the west of the city centrE.
Batory Office Building I is a 6,394 m2 office building leased to international tenants including Cemex and Goodyear. The property was developed by Leibrecht & Wood in 2000 and sold in 2008 to Eindhoven Properties. Batory Office Building I is also located along Aleje Jerozolimskie. The property provides underground parking, two elevator lobbies and a modern technical specification.
'We are pleased to have acquired two high-quality, well-leased office buildings in one of Warsaw's most well established commercial sub-districts,' commented Przemyslaw Krych, CEO of Griffin Group. 'Our high-yielding purchase was made together with an excellent financing package and at a price below replacement cost.'
Colliers International acted on behalf of WestImmo, the primary claimant in the bankruptcy proceeding, brokering the deal between the lender and Griffin Real Estate.
