IVG Institutional Funds buys Mlodziejowski Palace in Warsaw
Bonn, 02.01.2012
IVG announces the acquisition of the Mlodziejowski Palace office building for approximately EUR 22.4 million from a company managed by Mermaid Properties. The property was acquired for the IVG Warschau Fonds, an investment fund managed by IVG Institutional Funds GmbH.
Mlodziejowski Palace is a prestigious historic building, situated in the Old Town at Miodowa 10 Street. Following the recent refurbishment, commenced in September 2010, the property has been transformed into a unique modern office building providing Grade A office accommodation. The property totals ca. 6,940 sqm of leasable area.
Mlodziejowski Palace is situated between Miodowa and Podwale Streets on the northern fringe of Warsaw City Centre, in the heart of the Old Town, providing excellent accessibility and visibility. The building’s main tenant is the Polish Ministry for Foreign Affairs and the occupiers of the premises leased by the Ministry are the Organisation for Security and Cooperation in Europe (OSCE) and the Office for Democratic Institutions and Human Rights (ODIHR). The property is also leased to an international consulting company, A.T. Kearney.
‘It is one of the highest profile office transactions of the year 2011 and we are pleased to add Mlodziejowski Palace to our growing office portfolio’ – said Maciej Zajdel, Managing Director of IVG Poland. ‘Warsaw remains the focus for international capital and this acquisition reinforces the international appeal of Warsaw for real estate investors, recognizing the long term strength of capital of the Poland office market. Mlodziejowski Palace is the third building acquired for the recently launched IVG Warsaw Fund (IVG Warschau Fonds)’ – he added.
Mlodziejowski Palace also represents the fifth Warsaw office building acquisition of IVG for its various funds in the last 15 months and follows the purchases of Victoria Building, BTC, Ujazdowskie 10 and N21.
CB Richard Ellis acted as a commercial advisor to IVG in the transaction and legal advice was provided by Siwek Law Office. DTZ acted as the Seller’s exclusive agent in the transaction.
About IVG Immobilien AG
IVG Immobilien AG is one of the major real estate companies in Europe. The company manages assets worth €22 billion and is located with approx. 590 employees in 19 selected major German and European cities. Via this network of local branches, IVG manages inter alia on balance properties with a market value of €4.1 billion. In northern Germany IVG constructs and operates underground storage caverns for oil and gas. In the fund segment IVG is the leading provider of tailored property funds for institutional investors. In combination with the closed-end funds for private investors, IVG manages funds and mandates amounting to a volume of €15.2 billion.
About IVG Institutional Funds
IVG Institutional Funds belongs to IVG Immobilien AG and offers specialized fund products for institutional investors. With €12.4 billion assets under management, IVG Institutional Funds is one of the leading European fund providers for institutional investors.
Press Contact
Martin Praum
Tel.: +49 (0)228 / 844-300
Fax: +49 (0)228 / 844-372
E-mail: martin.praum@ivg.de
