The IVG Warsaw Fund, a fund managed by IVG Institutional Funds GmbH, has acquired the Feniks Office Building for 39 mio EUR. The building was developed by Europlan in a joint venture with Griffin Group who provided mezzanine financing. The property is located at 32 Żelazna Street in Warsaw’s central business d. IVG, which has invested 1,9 bn. EUR over the last 18 months, has realized 10 transactions in Warsaw since 2011.
Feniks offers 9 thousands sqm. of Class A office space and 1 thousand sqm of ground floor retail areas as well as 48 underground parking spaces. The entire office component is leased to Bank Ochrony Środowiska S.A. for a 12 year term. Retail areas are occupied by Green Coffee Nero and Hebe.
“Feniks is a very attractive and modern building, situated next to the major public institutions and landmarks in Warsaw – in one of the most interesting locations in Warsaw’s city center. – comments Artur Kozieja, owner of Europlan.
The Feniks Office Building benefits from excellent exposure and visibility from its prominent corner location at the intersection of Sienna and Żelazna Streets, in close proximity to Warsaw's major traffic arteries - Świętokrzyska Street (east-west) and Jana Pawła Ave. (north-south), full of dozen of bus and tramway lines. The existing underground station at Metro Świętokrzyska is located within 5-minute bus ride from Feniks. The location of the Property will be further enhanced by the completion of Warsaw's second metro line, which will feature a stop less than 5-minute walk from the Property at Rondo ONZ and another stop at Rondo Daszyńskiego, also within walking distance. The immediate neighbourhood is being strongly developed thanks to private and city’s investments – like modernisation of Prosta and Świętokrzyska streets.
“We have chosen Feniks as our 10th transaction in Warsaw in last three years as it symbolically reflects our company’s strategy. Our aim is to invest in Class A properties that are situated in the best locations and offer hospitable, city-forming conditions which create harmonious and well-balanced blend of work, leisure and utility values. Feniks enjoys excellent amenities and is in close proximity to restaurants, retail units, historic architecture and city squares – explains Maciej Zajdel, CEO at IVG Poland.
Żelazna Street has been historically related to sales and industry. Between 1972 and 90’s the space where Feniks office building is situated was occupied by Feniks Retail Center, offering groceries and industrial goods. In the interwar period it was served with local iron and metallurgy units such as Buch & Werner brothers ‘Norblin’ metal rolling mill, Tyszka’s coil spring unit and Eisengerg’s scrap yard.
Today, the Feniks Office Building is a modern, institutional quality property completed in December 2012 with capability of reconstructing essential part of historical eastern frontage of Żelazna street. The building harmonically binds extent tenement houses with state-of-the art office properties located in the neighborhood.
“We are pleased with the sale of Feniks to IVG. Griffin Group has been involved in this prestigious development project from its beginning, having provided development funding. Our successful exit enables us to pursue other business opportunities” – says Dorota Wysokinska-Kuzdra, Senior Partner at Griffin Real Estate.
The Feniks Office Building joins the portfolio of Class A office buildings acquired by IVG fund recently which includes Le Palais at Grzybowski Square, Royal Trakt Offices at Aleje Ujazdowskie, Norway House near Konstytucji Square and Palac Mlodziejowskiego located in the historic part of the Old Town.
Colliers International was the exclusive agent in the sale representing Europlan and Griffin. Linklaters and MDDP advised to the seller. Dentons, Hogan Lovells, C&W and DIL advised to IVG in the purchase of the property.
