Cushman & Wakefield has been appointed as property manager for the VIG Fund’s three office buildings in Warsaw: Libra Business Center B, Life Building, and Jasna 26. The award of the mandate will see Cushman & Wakefield manage its entire Polish real estate portfolio of more than 47,000 sqm.
"I am pleased to further expand the existing partnership with Cushman & Wakefield. The unified management of our real estate portfolio in Warsaw will result in synergies and leaner structures that will benefit both, VIG Fund and our tenants. We have come to know the Cushman & Wakefield team as a proactive and modern manager in recent years and are confident that the 3 buildings will be raised to a new level in terms of sustainable management in the future", says Manuel Simon, Head of Investment Real Estate and responsible for the Asset Management in Poland.
VIG Fund is a group company of Vienna Insurance Group AG Wiener Versicherung Gruppe, the leading insurance group in Austria and Central and Eastern Europe conducting its business through subsidiaries and branches in 30 countries in the CEE region and employing more than 25,000 people. VIG is publicly listed on the Austrian stock exchange.
Cushman & Wakefield will be responsible for operations, accounting and technical management, including improving the energy efficiency of the buildings and implementing a strategy for sustainable property operations. It will take over property management for Libra Business Center B, Life Building, and Jasna 26 commencing this July. Cushman & Wakefield already acts as property manager for three other office buildings of the VIG Fund in Warsaw: Chmielna 25, Norway House, and Nowogrodzka 21.
"The expansion of our property portfolio to include three more office buildings of the VIG Fund brings the total stock under our management in Poland to 4.1 million sqm, with our CEE portfolio comprising nearly six million sq m across a range of real estate assets. Through our expanded cooperation with VIG Fund, we will deliver more optimization solutions, for example, to increase energy efficiency, and use the economies of scale to implement tools to support our client’s ambitious ESG goals. We thank the VIG Fund team for trusting us and look forward to working together on many other successful projects", says Grzegorz Dyląg, Partner, Head of Asset Services Business Space, Asset Services EMEA, Cushman & Wakefield.
Libra Business Center B offers 16,000 sqm of office space. Located in south-western Warsaw, it forms part of the frontage development along Al. Jerozolimskie.
Life Building, formerly known as Atrium Tower, is located in central Warsaw, at Aleja Jana Pawła II 25. It offers approximately 10,000 sqm spread over 13 floors. Last year, it was fully refurbished and repositioned.
The office building at ul. Jasna 26 was completed in 2014 as a result of the renovation and redevelopment of a tenement building from the 1950s, built at the site of the pre-war Victoria Hotel from 1852, which was destroyed during World War II. The six-floor building offers approximately 5,000 sqm of leasable space.
