Patrizia has sold Le Palais, a multi-let mixed-use asset in Warsaw, Poland, on behalf of institutional clients to the Generali Europe Income Holding (GEIH) fund managed by Generali Real Estate SGR.
Originally constructed in 1882, Patrizia purchased the circa 6,600 sqm property in 2011. Patrizia successfully extended leases with key anchor tenants, including Ipopema, Austrian Culture Institute, Accreo, Warimpex and Schoenherr, as well as adding new tenants including food and beverage occupiers in the ground floor units.
A programme of active asset management undertaken by Patrizia means Le Palais is now ranked BREEAM Excellent due to its improved sustainability credentials. Le Palais is located in the heart of Warsaw’s CBD in a prime location in the historical surroundings of Próżna Str. and Grzybowski Square. It benefits from a wide range of amenities nearby, including popular restaurants, bars and café spots. It also enjoys excellent transport links via tram, bus and metro.
Jacek Brzozowski, Country Manager Poland at Patrizia, commented: “The sale of Le Palais crystallises strong returns for our investors in line with our strategy for this asset, while the additional value created by our asset management team through the comprehensive successful lettings programme, is testament to our expertise and skill in light of the impact of Covid-19. We continue to look for opportunities in Warsaw and across the CEE region across a range of different sectors.”
Patrizia currently has c. €200 million of AUM in Poland, with a strategic focus on the office, logistics and residential sectors.
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