Martley Capital has completed the sale of Mazovia Plaza, an office building located in the Praga Północ district of Warsaw. The buyer and the price have not been revealed.
Mazovia Plaza was built in the 1950s as a hotel. In 2000, the building was fully renovated and adapted as an office building with period features. The asset comprises 4,500 sqm of office space over eight floors. The tenants benefit from close proximity to public transport links, with tram and bus stops nearby. At the time of sale, the building was fully leased.
Jan Płociński, Head of Poland at Martley Capital, said: “The sale of Mazovia Plaza is a positive example of investors’ interest in well-managed, centrally located, smaller office assets. Mazovia Plaza benefited from active asset management initiatives, where, over the holding period, we managed to institutionalize the lease agreements and lease the space to stable and low-risk tenants. The asset was acquired by a domestic investor, showing a growing share of Polish investors in commercial real estate. As we move forward, we anticipate growing investors' interest in well-located, smaller office buildings, both in Warsaw and top regional cities.”
Martley Capital has a strong conviction in the Polish market and, looking forward to 2025, intends to deploy capital within the industrial and logistics market. This is alongside Martley’s other strategies that typically have an opportunistic and value-add focus, covering credit, equities and direct real estate, taking advantage of the current dislocation in the real estate markets.
Avison Young represented Martley Capital on the sell side; DLP Duch / Lisicki & Partners acted as legal advisors.
