Benson Elliot, a UK-based private equity real estate fund manager, acting on behalf of its pan-European fund, Benson Elliot Real Estate Partners V L.P. has acquired Marynarska Business Park (MBP), an office complex in Warsaw, from a fund managed by Heitman Real Estate. The price paid was c. €65 million.
MBP provides 46,000 sqm of office space across four buildings, together with 1,400 car parking spaces. The site was developed by Ghelamco in 2008.
The business park is prominently situated in Mokotów, Warsaw’s largest office sub-market outside the city centre. Mokotów lies between the city centre and Warsaw’s Fryderyk Chopin Airport, providing quick and easy access to both by train or car. The area is set to gain further from major infrastructure works currently underway.
Benson Elliot is planning a targeted refurbishment of the property, encompassing an upgrade of communal areas and an expansion of occupier-focused amenities (including MBP’s food and beverage offering). In addition, Benson Elliot plans to re-design the park’s external areas to improve the volume of green space, providing the park’s office users with a significantly enhanced work environment.
Joseph DeLeo, Benson Elliot Senior Partner, said: “Marynarska Business Park represents the second office investment in Warsaw for Benson Elliot in the last 12 months. Warsaw offers a compelling office investment story today, with the market benefitting from rising take-up, falling vacancies and strong investor interest. Tenant demand is being driven by international and domestic companies seeking access to a young, well-educated, multilingual workforce. The acquisition of MBP fits in well with our strategy of acquiring quality office assets in strong locations across Poland. We look forward to building on the park’s longstanding popularity, providing tenants with contemporary space in a healthy environment.”
Benson Elliot was advised on the transaction by Dentons, BNP Paribas and Cushman & Wakefield, and has engaged Syrena Real Estate as a local operating partner.
Sign up today for the latest news