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Mermaid sells Jasna 26 and Libra Business Centre in Warsaw to VIG Fund

The developer Mermaid Properties has sold two Warsaw office buildings, “Jasna 26” and “Libra Business Centre”, to VIG Fund. The sales were completed on behalf of two groups of international investors, which included AIGA Investments, a Spanish real estate investment fund, Octava SA, a Polish real estate investment company, FCM Salamanca Global Property Fund 1, an international real estate fund, in Jasna 26; and WN PWN SA and Augusta Ltd invested in the Libra Business Centre.

“Both buildings offer high quality premises in central locations with well-known tenants. The acquisitions underline our strategy to invest in Class A assets in core locations in Central and Eastern Europe as part of the Group’s sustainable commitment to the region”, stated Martin Simhandl, CFO of Vienna Insurance Group.

“We are delighted to have completed the sales process of our two leading office projects in Warsaw. The sale to VIG Fund is a great result and highlights the quality of our development work. As a result of this success, we would like to pursue similar projects in the future”,said Artur Cieciera, Partner at Mermaid Properties.

“For Mermaid Properties to have sold Jasna 26 so soon after completing the construction phase and letting the majority of the space is an excellent result for the HC FCM Salamanca Group Property Fund 1, as well as the other investors in the project. Looking ahead, we believe there are some excellent opportunities emerging to invest in Polish commercial real estate, in particular in retail assets located outside of the major urban centres”, said Nikos Koulouras, Head of Real Estate at Salamanca Group.

Jasna 26 was originally a 5,500 sqm building before Mermaid Properties converted it into pre-dominantly Class A offices, adding 51 underground car parking spaces, ground floor retail units and 1,700 sqm of extra space. The majority of the building was prelet to Sołtysiński Kawecki & Szlęzak, a leading Polish law firm.

Located next to Al. Jerozolimskie on Daimlera Street, Libra Business Centre opened at the beginning of 2013 and provides 16,000 sqm of Class A offices. Current tenants include Infovide-Matrix, Wydawnictwo Naukowe PWN and Canon Polska.

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