VIG Fund, the real estate investment vehicle of Austrian insurer Vienna Insurance Group (VIG), has acquired an office building in Warsaw from fund manager AEW Europe.
Financial details were not disclosed.
The asset, located in Warsaw’s central business district on Jana Pawla II 25 Avenue, comprises 11,500 m2 of office space. It was built by Nordic developer Skanska in 1997 and then sold to AEW Europe in 2001.
Ewa Parys, head of asset management Central Europe at AEW Europe, commented: ‘We have actively managed Atrium Tower for the last 17 years. Its attractive location and our efforts including a refurbishment programme make it appealing to tenants which is proved by practically full occupancy.’
Michal Cwiklinski, managing partner and country head Poland at GVA Polska, added: ‘This office building will be a great investment for our client, VIG Fund, due to its great location in the heart of the city centre, as well as the level of income delivered from multiple tenants.’
'It was a pleasure to be part of the sales process of the property that from the very beginning was one of the symbols of the development of the modern office market in Warsaw. Now Atrium Tower is an attractive asset accommodating a wide range of international and national tenants,' said Marek Paczuski, deputy head of the investment department, Savills Poland.
During this transaction, VIG Fund was advised by Schoenherr, GVA, cmT and TPA Poland; whereas AEW was represented by advisor Savills and law firm Wolf Theiss.