Orco Property Group’s Endurance Fund has made its eighth purchase in central Europe with the acquisition of the FIM Tower in the Polish capital Warsaw.
The 26-storey building, sold by Italian corporation FIM Spólka, contains 161,500 sq ft of office space.
The tower is situated near the Zlote Tarasy development and the Hotel Marriott in central Warsaw.
Jeff Alson, regional acquisitions manager of Orco Property Group said: “We are delighted to have completed the purchase of one the highest profile buildings in Warsaw.
“We intend to refurbish and rebrand the building to offer a superior environment for existing and future tenants.
“With this in mind and the very positive occupier market in Warsaw, we are confident that we will attract tenants quickly.”
Previous purchases made by the Endurance Fund include three office buildings and a shopping centre in Prague, two office buildings in Budapest at the end of 2005 and beginning of 2006, and an office building in the centre of Warsaw last month.
Orco Property Group, an investor, developer and asset manager in Central Europe, currently manages assets of approximately €737m (£503m) as valued at 31 December 2005.
References: EGi News 19/07/06
