Dentons' European real estate team has acted for IVG Investment Funds on its acquisition of the Le Palais Offices in Warsaw from Warimpex Finanz- und Beteiligungs AG. The total purchase price for the property was approximately €31 million.

IVG Investment Funds is known for its acquisitions of historic landmark buildings in Warsaw. The Le Palais Offices deal comes on the back of its acquisition of the Mlodziejowski Palace office building and the Royal Trakt Offices building in Warsaw’s diplomatic district. Over the last 18 months, IVG Funds has invested in excess of €1.9 billion across Europe. These investments, mainly in Germany and Warsaw, include recent several large volume club deals like the Prime Portfolio and Gallileo worth approximately €300 million each.

Le Palais office building is located on the corner of Prozna Street and Grzybowski Square in Warsaw's city centre. The property provides approximately 6,665 sq m of prime grade A office accommodation with ground floor retail and has attracted tenants such as Ipopema, Stewart Title, Schoenherr and the Austrian Cultural Forum. Polish branches of IVG and Warimpex also occupy space within the building.

Maciej Zajdel, Managing Director of IVG Poland, said: “The core quality, location and prestigious nature of this property is a natural complement to the growing IVG portfolio, meeting the strategic requirements of the fund”.

The Dentons team was led by Real Estate Partner Monika Sitowicz who was assisted by Magdalena Osobka-Morawska.

Monika Sitowicz said: "We are pleased our advice led to the successful completion of this transaction, which was a complex deal due to nature of the property itself and the multi-party structure. Le Palais is a pioneering project and we hope its success starts a new trend of converting historic landmarks into modern offices.”