Patrizia has sold the Feniks office building in Warsaw to a South Korean investor via Warburg-HIH Invest Real Estate. Savills advised the buyer.
Financial details were not disclosed.
Feniks is a class A, eight storey office building located at Zelazna Street in Warsaw comprising over 10,000 m2 of office and retail space.
The building was developed by Europlan in a joint venture with Griffin Real Estate and delivered to the market in 2012. In 2013, the property was acquired by IVG before Patrizia bought the building in 2017. Feniks office building is fully leased with BOS Bank as the anchor tenant.
'Investor appetite for prime offices in Warsaw remains strong. The acquisition of Feniks office building fits into the investment strategy of core investors due to its attractive location and income profile including above average WAULT and rents at the market levels,' said Marek Paczuski, deputy head of investment, 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).