Generali Real Estate, on behalf of Generali Europe Investments Holding (GEIH) Fund, has acquired Piękna 2.0, a landmark office building in Warsaw, from an investment fund advised by Griffin Real Estate.
This property further strengthens Generali Real Estate’s managed portfolio in Warsaw, which includes the KroLEWska building, Senatorska 18 and Plac Małachowskiego amongst others.
Piękna 2.0 is an eight-storey building with approximately 15,800 sqm of high-quality office space, complemented by high street retail units at ground floor. Built in the early 2000s, it recently underwent a major refurbishment and currently has the Polish Financial Supervision Authority (KNF) as the anchor tenant.
It is located in the very heart of Warsaw on Piękna Street, close to Konstytucji Square, the Polish Parliament, many embassies and government buildings, and it is well-served by public transport.
This transaction is in line with Generali Real Estate’s strategy of investing in the major European cities, with a focus on prime office, high street retail and retail assets. It also illustrates once again the company’s strong focus on Central and Eastern Europe, where Generali Real Estate currently manages a portfolio worth around €1 billion.
JLL acted as the commercial advisor of Generali Real Estate, who was also advised by White&Case, PWC, Baker McKenzie and Gleeds.
“We had the great pleasure to support Generali Real Estate during this transaction. It confirms the continuous interest of global capital in flagship office projects in the central locations in Warsaw. A perfect example of this is Piękna 2.0, one of the most well-known office buildings in Warsaw, which after extensive modernization completed in 2018/2019, offers high-quality office accommodation bespoke to strong covenant tenants”, comments Sławomir Jędrzejewski, Senior Director, Office and Industrial Investment at JLL.