Feniks Is Sold

Feniks Office Building: New Owner
Feniks Office Building: New Owner
Patrizia Immobilien AG Fund has sold the Feniks office building in Warsaw to the investor from South Korea. Warburg-HIH Invest Real Estate, a fund management company, has intermediated during the purchase process. Savills has advised the buyer during the transaction process.

Feniks office building is situated in the city center of Warsaw at the intersection of Żelazna and Sienna Streets. This is one of the best locations on the Warsaw market. The close proximity to the main hubs of the capital allows for fast communication with other parts of Warsaw. This is an innovative building commissioned in 2012. The investors were Griffin Real Estate and Europlan. In 2013 the property was acquired by the IVG Fund. The investment offers office space class A of the total size amounting to ca. 8 600 sqm. The major tenant is BOŚ Bank.

We are still observing the huge demand for the best Warsaw office investments among investors. Thanks to its attractive location and income profile, including the larger-than-average WAULT rate (short for weighted average unexpired lease term), and rents at the market level, the purchase of Feniks fits well into the investment strategy of core investors – says Marek Paczuski, Deputy Head of Investment, Savills.

Warburg-HIH Invest Real Estate was advised by Savills (investment and technical adviser), Greenberg Traurig (legal adviser) and EY (tax adviser). Patrizia Immobilien AG Fund was represented by CBRE (investment adviser) and Dentons (legal adviser).

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