Catalyst Capital is pleased to announce the purchase of the 9,231 sq m Moniuszki Tower in central Warsaw on behalf of its European fund, Catalyst European Property Fund. The building is completely occupied by a single tenant, Telekomunikacja Polska S.A. on a short-term lease expiring in 2013.
“This purchase reflects our confidence both in the underlying strength of the Polish economy in these current times and in our intent to invest further funds into the Polish retail and office market”, stated Kean Hird, partner at Catalyst Capital.
Tomasz Doktór, head of Catalyst’s Warsaw office, explained “This purchase fits ideally with the investment strategy of our fund because the tenant will vacate the property entirely leaving us free to conduct a full renovation of the property to update it to current commercial and environmental standards”.
Catalyst has been active with its European fund during 2011 in Germany, France and the U.K. as well as Poland.
Moniuszki Tower was developed in 2002 and is a 22 Storey office tower. Senior debt for the purchase was provided by Nordea Bank. CBRE acted as commercial advisors on this transaction.