A fund managed by Griffin Real Estate has acquired Philips House and Batory Office Building I, two modern office buildings located in suburban Warsaw, in a court bankruptcy public tender.
Philips House is a 5,571 square meter office building fully leased to the Polish subsidiary of Royal Philips Electronics on a long term basis. The property was developed by TK Development in 1999 for Philips Polska. Philips sold the building in 2006 in a sale leaseback transaction to Eindhoven Properties, a real estate company managed by Guardian Managers, which was declared insolvent in 2012. Philips House, which sits on a freehold site of almost 7,000 square meters and provides 170 parking spaces, is located along Aleje Jerozolimskie, approximately 5 kilometers to the west of the city center.
Batory Office Building I is a 6,394 square meter office building leased to international tenants including Cemex and Goodyear. Batory Office Building I was developed by Liebrecht & Wood in 2000 who sold the property in 2008 to Eindhoven Properties. Batory Office Building I is also located along Aleje Jerozolimskie. The property provides underground parking, two elevator lobbies and a modern technical specification.
"We are pleased to have acquired two high quality, well leased office buildings in one of Warsaw's most well established commercial sub-districts" commented Przemyslaw Krych, CEO of Griffin Group. "Our high yielding purchase was made together with an excellent financing package and at a price below replacement cost."
Colliers International acted on behalf of WestImmo, the primary claimant in the bankruptcy proceeding, brokering the deal between the lender and Griffin Real Estate.
Philips House is a 5,571 square meter office building fully leased to the Polish subsidiary of Royal Philips Electronics on a long term basis. The property was developed by TK Development in 1999 for Philips Polska. Philips sold the building in 2006 in a sale leaseback transaction to Eindhoven Properties, a real estate company managed by Guardian Managers, which was declared insolvent in 2012. Philips House, which sits on a freehold site of almost 7,000 square meters and provides 170 parking spaces, is located along Aleje Jerozolimskie, approximately 5 kilometers to the west of the city center.
Batory Office Building I is a 6,394 square meter office building leased to international tenants including Cemex and Goodyear. Batory Office Building I was developed by Liebrecht & Wood in 2000 who sold the property in 2008 to Eindhoven Properties. Batory Office Building I is also located along Aleje Jerozolimskie. The property provides underground parking, two elevator lobbies and a modern technical specification.
"We are pleased to have acquired two high quality, well leased office buildings in one of Warsaw's most well established commercial sub-districts" commented Przemyslaw Krych, CEO of Griffin Group. "Our high yielding purchase was made together with an excellent financing package and at a price below replacement cost."
Colliers International acted on behalf of WestImmo, the primary claimant in the bankruptcy proceeding, brokering the deal between the lender and Griffin Real Estate.
