by Property Forum | Investment

Beirut-based investor FFA Real Estate has acquired the Młodziejewski Palace in Warsaw from German investment fund Patrizia. The acquisition was made through FFA Real Estate’s special purpose vehicle Midolux 2. The transaction price has not been disclosed.


The 17th-century palace, located in the city’s Old Town, was reconstructed several times and in 2010-2011 it was converted into a Class A office building offering 6,870 sqm of leasable space. The palace is leased to the Polish Ministry for Foreign Affairs and the Polish Court of Appeal and also houses the headquarters of the OSCE Office for Democratic Institutions and Human Rights.

IVG Institutional Funds purchased the property from Mermaid Properties for €22.4 million at the end of 2011. Patrizia became the owner upon its takeover of IVG subsidiary Triuva in late 2017.

CBRE advised the seller, while legal advice was provided by Dentons and tax advice by Hogan Lovells. OTB Investment, which has also been appointed asset manager of the building, provided commercial advice for FFA Real Estate, while Linklaters acted as legal advisor, Dentons as tax advisor and DIL as technical advisor.

“Investors are on the constant lookout for attractive locations and unique assets that guarantee long-term secured cash flow and high returns. Undoubtedly, Młodziejowski Palace, which is situated in a prestigious location and leased to exceptional tenants, is such an asset. This is our third transaction in cooperation with the seller in recent months and it confirms that the Warsaw market is very liquid and is attracting new players from various geographical areas. We are happy to welcome FFA Real Estate onto the Polish market,” commented Przemysław Lachmaniuk, Director of Investment Properties at CBRE Poland.

FFA Real Estate is the real estate division of banking and investment group FFA Private Bank Group, which operates out of Beirut and Dubai.