News Article investment office Patrizia Poland ViennaInsurance Group Warsaw
by Property Forum | Investment

Patrizia has divested a portfolio of three Warsaw offices totalling c. 15,400 sqm to VIG FUND a.s., a real estate vehicle of Vienna Insurance Group - one of the largest international insurance groups in Central and Eastern Europe. The price remains undisclosed.

The portfolio was assembled by Patrizia between 2011 and 2014 and consists of Norway House, Lwowska 19; CH25, Chmielna 25; and N21, Nowogrodzka 21, all located in Warsaw’s CBD.

Patrizia has engaged in active management of the portfolio since its assembly, which resulted among other successes in the 10 year extension of the lease at Norway House to an international law firm. It also completed the letting of a 1,700 sq m retail unit at CH25 to Fashion retailer LPP SA, a Polish clothing manufacturer, which has used the space to open a flagship store of its Sinsay brand. 

Jacek Brzozowski, Head of Asset Management Poland at Patrizia, commented: “We have achieved strong leasing activity at these assets despite the headwinds created by the pandemic, improving the income profile of the properties and demonstrating the resilience of high quality, core offices in desirable city-centre locations. Following the success of these asset management initiatives, this disposal to a highly regarded institutional counter-party allows us to crystalise our investment and deliver strong returns to our clients.”

Patrizia was advised by CBRE and Dentons.