Allianz Real Estate and Tristan Capital Partners acquire one of Poland's signature office high-rises

A joint venture of Allianz Real Estate and an investment fund managed by Tristan Capital Partners has aquired Warsaw Financial Center, one of the signature high-rise buildings in Warsaw's Central Business District, for €210 million.

The sellers were CA Immo and Pramerica Real Estate Investors, each of whom had acquired a 50 percent stake in 2005. Allianz and Curzon Capital Partners III – the Tristan Capital fund – will acquire 87.5 percent and 12. 5 percent respectively.

In early August the companies announced that a preliminary agreement had been signed. The transaction is expected to be completed before the end of the year after conditions typical for deals of this type in Poland are fulfilled.

The Warsaw Financial Center was one of the first class-A high-rises in Warsaw when it was completed in 1998. Standing over 144 meters tall with 36 floors, the tower comprises some 50,000 sqm of leasable space, of which 93 percent is office space and 7 percent is retail and storage space. There are also more than 330 parking spots set over six above-ground floors.

The building is about 98 percent leased out to tenants that include law firms, consultancy firms and banks. Cameron McKenna, DLA Piper, General Electric and Google all lease space in the building.

In a statement announcing the deal, Tristan Capital characterized Warsaw Financial Center as "one of the top grade-A office buildings in eastern Europe," with "excellent visibility and accessibility."

"Together with Rondo One and Metropolitan, it is one of the top three properties in Poland's capital," the company said.

"Just a few weeks after the Platinum Business Park, we've now carried out another investment in Warsaw," said Stefan Brendgen, CEO of Allianz Real Estate Germany, in a statement. "The Warsaw Financial Center is an extraordinarily attractive investment for the Allianz companies."

He added, "We will continue to invest in Poland under our diversification strategy."

"WFC is one of the highest-quality office assets in Poland … a market with strong fundamentals that demonstrates consistent investor demand and increasing liquidity," said Tristan Capital CEO Ric Lewis.

According to Tomasz Trzósło, head of capital markets CEE at Jones Lang LaSalle, there was considerable investor interest in the deal. "The consortium of Allianz Real Estate and Tristan Capital Partners presented the most attractive offer in terms of price as well as the possibility of closing the deal swiftly," he said.

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