IVG fund acquires Warsaw office for EUR 15m

German listed real estate company IVG has announced that one of its funds has acquired N21, a fully leased office property in Warsaw from SwedeCenter for EUR 15 mln.

The N21 property comprises 3,500 m² of office space in Warsaw's central business district. It was acquired by IVG Warschau Fonds, an investment fund managed by IVG Institutional Funds.

SwedeCenter, the Polish property development business of the Inter IKEA Group of companies, completed the development of N21 in 2008.

SwedeCenter has a development pipeline of over 300,000 m² of office space. One of its office projects under construction is Business Garden Warsaw, a 90,000 m² office park.

Maciej Zajdel, managing director of IVG Poland: 'N21 is the second building acquired for the recently launched IVG Warschau Fonds, which targets a total volume of EUR 250-300 mln'.

N21 is also the fourth Warsaw office building acquisition of IVG for its various funds in the last 12 months and follows the purchase of the Victoria Building, BTC and Ujazdowskie 10.

Colliers International and law firm Salans acted on behalf of IVG in the transaction.

IVG Immobilien manages assets worth EUR 22 bn in 19 selected major German and European cities. In the fund segment IVG is the leading provider of tailored property funds for institutional investors. In combination with the closed-end funds for private investors, IVG manages funds and mandates amounting to a volume of EUR 15.4 bn.