Benson Elliot picks up Warsaw office for €65m

UK-based private equity real estate fund manager Benson Elliot has acquired an award-winning office complex in Warsaw from a fund managed by Heitman Real Estate.

Acting on behalf of its pan-European fund, Benson Elliot Real Estate Partners V, the firm closed the deal for c.€65 mln.

The Marynarska Business Park (MBP) comprises 46,000 m2 of office spce across four buildings, plus 1,400 car parking spaces, and is situated in Mokotów, Warsaw’s largest office sub-market outside the city centre.

Joseph DeLeo, Benson Elliot senior partner, said: 'Marynarska Business Park represents the second office investment in Warsaw for Benson Elliot in the last 12 months. Warsaw offers a compelling office investment story today, with the market benefitting from rising take-up, falling vacancies and strong investor interest.'

The site was developed by Ghelamco in 2008, the same year it won CEE Real Estate Office Development of the Year and Best Overall Development in Poland.

Benson Elliot said that refurbishment plans included an upgrade of communal areas and an expansion of occupier-focused amenities such as food and beverage. In addition, Benson Elliot plans to re-design the park’s external areas to improve the volume of green space. The deal brings its Polish investments to almost €500 mln.

Added DeLeo: 'The acquisition of MBP fits in well with our strategy of acquiring quality office assets in strong locations across Poland. We look forward to building on the park’s longstanding popularity, providing tenants with contemporary space in a healthy environment.'

Benson Elliot was advised on the transaction by Dentons and BNP Paribas, and has engaged Syrena Real Estate as local operating partner.

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