Warimpex Finanz – und Beteiligungs AG, the Austrian real estate development fund, have announced the successful completion of a purchase agreement to sell the recently opened Le Palais office complex to property fund IVG Warsaw.
The property – which was only officially opened at the start of the year – has been signed over to premier European real estate fund IVG’s Polish arm, with final details of the transaction expected to be completed by the end of summer 2013.
The delay is part of the usual process for commercial property transactions in Poland, with the as yet un-disclosed financial package subject to a host of detailed prerequisites.
Franz Jurkowitsch, CEO of Warimpex, said: “We are very pleased to announce another transaction – it is the third successful real estate sale within the last six months and shows once again that the Polish market is gaining more and more in quality and that investments pay off”.
The Le Palais complex occupies approximately 5,300m2 of grade-A office space in a prime position overlooking the corner of Próýna Street and Grzybowski Square, in Warsaw’s central business district.
A multi-use building with retail capacity available of the ground floor, the property has already attracted a host on high-end tenants, with 75% of the floor space already let through agent Jones Lang LaSalle. IVG Warsaw will hope to see the highest yields from the existing tenants, as only 450m2 currently remains unoccupied.