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Middle-Eastern investor buys Warsaw palace

Nathan North 14 May 2020

Nathan North

Deputy editor

+48 22 356 25 22

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

Middle-Eastern investor buys Warsaw palace
The 17th century palace once hosted a piano recital by Chopin

POLAND Beirut-based FFA Real Estate has bought the Młodziejewski Palace (Pałac Młodziejowskiego) in Warsaw from German investment fund Patrizia for an undisclosed sum.

The acquisition was made through FFA Real Estate’s special purpose vehicle Midolux 2.

The 17th century Młodziejowski Palace at ul. Miodowa 10 in the city’s Old Town was reconstructed in the 19th century as well as after the Second World War. It was also refurbished in 2010/11, when it was converted into a class A office building with 6,870 sqm of leasable space. The palace is leased to such tenants as the Polish Ministry for Foreign Affairs and the Polish Court of Appeal and also houses the headquarters of the OSCE Office for Democratic Institutions and Human Rights (ODIHR).

IVG Institutional Funds purchased the building from Mermaid Properties for EUR 22.4 mln at the end of 2011. Patrizia Frankfurt Kapitalverwaltungsgesellschaft became the owner upon its takeover of IVG subsidiary Triuva in late 2017.

CBRE acted for the seller as commercial advisor and selling agent, while legal advice was provided by Dentons and tax advice by Hogan Lovells. OTB Investment, which has also been appointed asset manager of the building, provided commercial advice for FFA Real Estate, while Linklaters acted as legal advisor, Dentons as tax advisor and DIL as technical advisor.

“Investors are on the constant lookout for attractive locations and unique assets that guarantee long-term secured cash flow and high returns. Undoubtedly, Młodziejowski Palace, which is situated in a prestigious location and leased to exceptional tenants, is such an asset. This is our third transaction in cooperation with the seller in recent months and it confirms that Warsaw market is very liquid and is attracting new players from various geographical areas. We are happy to welcome FFA Real Estate onto the Polish market,” commented Przemysław Lachmaniuk, a director in the investment properties department at CBRE.

Last December it was announced that Patrizia had sold the Feniks office building in Warsaw city centre for EUR 43 mln to Eugene Investment & Securities. This was followed in March by the fund's sale of the Ujazdowskie 10 office building (also in central Warsaw) to Syrena Real Estate.

FFA Real Estate is the real estate division of banking and investment group FFA Private Bank Group, which operates out of Beirut and Dubai. It has advised on transactions worth more the EUR 200 mln across Europe.

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