IVG buys office building in Warsaw's diplomatic district

Listed German investor IVG Immobilien has acquired the Royal Trakt office building in Warsaw’s diplomatic district on behalf of a German insurance company.

The vendor is a private German investor. The parties to the deal agreed not to disclose the purchase price.

The five-storey core property provides 3,500 m2 of lettable space and is located on the corner of Al. Ujazdowskie / ul. Wilcza in the diplomatic district of the Polish capital.

Large parts of the building were originally constructed in the mid-1870s and it was extensively modernised in 2005 when an additional section including 12 underground parking spaces was added to the building.

At present, one of the main tenants is the Polish ministry of foreign affairs.

Savills acted as commercial adviser to IVG on the transaction, while legal advice was provided by Dentons and tax advice was provided by both Dentons and Pöllath + Partners.

Kancelaria Brochocki acted as the seller’s agent, while CDZ and Noerr Legal Advisors advised on the legal side.