MGPA takes control of Polish office

The firm has acquired 100 percent ownership of Rondo I in anticipation of further rent rises to come.

MGPA has acquired a further 50 percent stake in Warsaw office tower Rondo 1 from private property company London & Regional, it has said in a statement.

MGPA initially purchased a half share in the 40-floor building in June 2006 shortly after London & Regional purchased it outright. The value of the deal was never made public, but L&R bought the property for €260 million ($383 million).

MGPA is preparing to hold the asset for at least another two years in anticipation of further rental increases.

The two-stage investment has been made by the same real estate vehicle managed by MGPA. This is the MGP Fund II, which raised $1.3 billion in equity to deploy in Asia and Europe in September 2005. By purchasing the other 50 percent, the fund is now fully invested.