Commerz Real’s CFB 148 closed-end real estate fund has sold the “Senatorska” offices in Warsaw, Poland, to international property developers S+B Group, based in Vienna, Austria, for a total of 50 million euros. S+B Gruppe aims to refurbish and upgrade the asset, which comprises two buildings located opposite the National Theatre in Warsaw. The real estate consists of approximately 17,000 sqmof floor space. It is currently leased to Polish mBank until 2020.
Heiko Szczodrowski, Head of Asset Structuring, Portfolio Management, at Commerz Real, states, “In light of a strong buyer’s market for office real estate in Warsaw, we were able to secure a very good result for our investors.” Following the completion of the sale, the CFB 148 fund will be dissolved. The fund has delivered total pay-outs equivalent to around 188 per cent of investors’ original equity contribution – corresponding to an average return of 6.1 per cent per annum, after Polish tax, over a total term of 14 years.
Cushman & Wakefield and Dentons provided expert advice and assistance during the transaction.
Source : Company