CPI Property Group has acquired the prestigious Warsaw Financial Center(WFC) office building in Warsaw, Poland.
CPI Property Group acquired Warsaw Financial Center by purchasing 100% of shares in a company owned since 2012 by Allianz Real Estate (acting on behalf of Allianz Group companies) and Curzon Capital Partners III, an investment core-plus fund managed by Tristan Capital Partners.
Located at the intersection of Emilii Plater and Świętokrzyska Streets in Central Warsaw, WFC is one of the most prestigious high-rise buildings in Warsaw providing 50,000 square meters of grade-A office space across 32 floors.
WFC is certified LEED gold and is 99% occupied by notable tenants including Google, Bloomberg and Kompania Piwowarska (owned by the Asahi group of Japan).
“CPIPG is pleased with the quality of our acquisitions in Warsaw. We are on track to meet our goal of investing more than €800 million in Warsaw by early 2020,” said Martin Nemecek, CEO of CPIPG.
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“Our ample cash balances and access to attractive financing will allow CPIPG to continue pursuing opportunities to invest in our business and capital structure going forward,” he added.
“When we first acquired WFC we undertook major refurbishments to the entrance and ground floor lobby areas and have worked steadily to increase occupancy to 99%, with tenants including leading Polish and international corporations. WFC is now a highly sought-after institutional quality asset, which offers modern design and excellent environmental credentials in Warsaw’s CBD,” said Matt Lunt, Executive Director, Portfolio and Asset Management at Tristan Capital Partners.