International property developer S+B Group AG has purchased the Senatorska offices in Warsaw from Commerz Real for €50 mln.
S+B said it planned to refurbish and upgrade the property, which consists of two buildings with a total of 17,000 m2 and 170 parking spaces. The asset is currently let to Polish mBank until 2020.
The office scheme was sold by Commerz Real’s CFB 148 fund, which will be dissolved after this transaction. The fund has delivered total pay-outs equivalent to around 188% of investors’ original equity contribution, with an average return of 6.1% per annum, after Polish tax, over a total term of 14 years.
‘In light of a strong buyer’s market for office real estate in Warsaw, we were able to secure a very good result for our investors,’ commented Heiko Szczodrowski, head of asset structuring and portfolio management at Commerz Real.
