Tristan, Allianz JV buys Warsaw Financial Center for €210m

The London-based private equity real estate firm and the real estate division of the German insurance giant have purchased one of Warsaw’s prime office buildings.

Tristan Capital Partners and Allianz Real Estate have teamed up for the purchase of one of Warsaw’s prime office assets, the Warsaw Financial Center, in a transactions valued at €210 million.

Ric Lewis, chief executive officer of London-based private equity real estate firm Tristan, said his firm was buying in “the only economy to have continued to expand throughout the economic crisis, as well as a market with strong fundamentals that demonstrates consistent investor demand and increasing liquidity.”

Lewis' view was seconded by partner Allianz. Stefan Brendgen, chief executive officer of the insurer’s German real estate platform, noted that Warsaw Financial Center is the firm's second investment in Poland’s capital city in a matter of weeks. “Just a few weeks after the Platinium Business Park, we've now carried out another investment in Warsaw,” he said. “The Warsaw Financial Center is an extraordinarily attractive investment for the Allianz companies,“ he added, describing the asset as among the “top three” offices in Eastern Europe, alongside Rondo One and Metropolitan.

Warsaw Financial Center, which is located close to the city’s iconic Zlote Terasy shopping mall, is 144 metres tall and comprises 36 floors offering 537,000 square feet of rentable space. The property is more than 90 percent leased to tenants that include Cameron McKenna, DLA Piper, General Electric and Google, and it also includes a small amount of auxiliary retail and storage space.

Tristan made its investment on behalf of Curzon Capital Partners III, a core-plus/value-added fund it manages. That fund held a final close on €420 million in equity commitments in February.