Real estates were bought in the bankruptcy proceedings and their buyer is a fund managed by Griffin Real Estate.
"We are satisfied with a purchase of two high-quality office buildings, entirely leased and located in one of the best developed Warsaw's regions," says Przemysław Krych, CEO at Griffin Group, "This real estate with a high rate of return was purchased with very profitable financial package with the price below replacement costs."
Philips House offers 5,571 sq m of office space and is situated in Aleje Jerozolimskie, about 5 km east of Warsaw's city centre. The only building's leaseholder is the branch Royal Philips Electronics which signed a long-term lease agreement. The office building was constructed in 1999 by TK Development for Philips Polska. In 2006 Philips sold the building in a leaseback deal to Eindhoven Properties which operates on the real estate sector managed by Guardian Managers. In 2012 the company declared bankruptcy. The office building is situated on the plot of land of 7,000 sq m. Its users may benefit from 170 parking spaces.
In 2000 Batory Office Building I was built by Liebrecht & Wood which in 2008 sold the building to Eindhoven Properties. Located in Aleje Jerozolimskie office building offers 6,349 sq m. Building's leaseholders are companies such as Cemex and Goodyear. The building includes an underground car park. In addition, modern technological solutions were applied.
WestImmo is the main creditor in the bankruptcy proceedings, which during transactions is represented by Colliers International.