The 6,500 sqm is situated on ul. Próżna in Warsaw’s CBD. It is BREEAM ‘Excellent’ certified. Generali Real Estate was advised by JLL, Linklaters, TPA and BNP Paribas.
The sale of Le Palais crystallises strong returns for our investors in line with our strategy for this asset, while the additional value created by our asset management team through the comprehensive successful lettings programme, is testament to our expertise and skill in light of the impact of Covid-19. We continue to look for opportunities in Warsaw and across the CEE region across a range of different sectors.
Jacek Brzozowski, the Poland country manager of Patrizia
Le Palais is a historic building (erected in 1882) that was extensively refurbished by Warimpex, which then sold the property to IVG in 2013 for EUR 31 mln. IVG later became Triuva, which was sold in Q3 2017 to fellow German fund Patrizia. Tenants of the building include financial and brokerage services company Ipopema (2,500 sqm), the Austrian Cultural Forum, Accreo, Warimpex and Schoenherr.
Italian-based investor Generali Real Estate currently manages a portfolio in the CEE region worth around EUR 1.22 bln. Patrizia currently has app. EUR 200 mln of AUM in Poland and has a strategic focus on the office, logistics and residential sectors.