by Property Forum | Investment

Patrizia Immobilien AG has sold the Feniks office building in Warsaw to a South Korean investor via Warburg-HIH Invest Real Estate. Savills advised the buyer in the transaction.

Feniks is a Class A, eight-storey office building located at Żelazna Street in Warsaw. It offers over 10,000 sqm of office and retail space. The building developed by Europlan in a joint venture with Griffin Real Estate was delivered to the market in 2012. In 2013 the property was acquired by IVG. Feniks office building is fully leased with BOŚ Bank as the major tenant.

“Investor’s appetite for prime office products located in Warsaw remains strong. The acquisition of Feniks office building due its attractive location, income profile including above-average WAULT and rents at the market levels fits well into the investment strategy of core investors,” says Marek Paczuski, Deputy Head of Investment at Savills Poland.

Warburg-HIH Invest Real Estate was advised by Savills (investment and technical adviser), Greenberg Traurig (legal adviser) and EY (tax adviser) while Patrizia Immobilien AG was advised by CBRE (investment adviser) and Dentons (legal adviser).