|Twarda Tower comprises 27,000 sqm of space located in Warsaw's CBD|
Courtesy of Jones Lang LaSalle
Real estate fund management firm Europa Capital LLP has acquired the Twarda Tower office skyscraper in downtown Warsaw from a fund managed by BPT Asset Management A/S. The value of the transaction has not been revealed.
The Twarda Tower building was completed in 2003 and comprises 27,000 sqm of space. It is located on ul. Twarda in Warsaw’s central business district and is occupied by telecom operator Telekomunikacja Polska.
The skyscraper is expected to undergo extensive refurbishment in 2013, with Warimpex having been appointed to manage the process. Europa Capital and Warimpex have previously cooperated on two other Warsaw projects – the Sobieski Hotel & Offices and the CityPoint Distribution Park.
“We are delighted to have completed this transaction because opportunities to acquire prime assets in central Warsaw such as the Twarda Tower are rare,” Michael Abel, a senior associate at Europa Capital LLP, said in a statement.
“We are pleased to see Warsaw maintaining its leading position in the region in terms of real estate volume transacted,” Tomasz Puch, national director, capital markets, at Jones Lang LaSalle Poland which advised BPT in the transaction, said in a statement.
“Furthermore, this investment demonstrates continued investor demand and increasing liquidity, not only for core-type products but also for assets requiring more intense asset management engagement,” Mr Puch added.
A member of the Rockefeller Group, Europa Capital is currently investing two funds for European property investment – Europa Fund III and Europa Emerging Europe – which raised a total of €895 million in equity capital.
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