Miodowa Palace, Warsaw, Poland owned by Augusta I and its shareholders including European Residential Property Fund (ERPF) sold in December 2011 for €22.4 million.
The property was acquired by the IVG Warschau Fonds, an investment fund managed by IVG Institutional Funds GmbH.
Miodowa Palace is a prestigious historic building, situated in the Old Town at 10 Miodowa Street. After recent renovation work, the property has been transformed into a unique modern office building providing grade-A office accommodation and now offers almost 7,000 sqm of leasable area.
Tenants include the Polish Ministry of Foreign Affairs, which leases the building on behalf of the Organisation for Security and Cooperation in Europe (OSCE) and the Office for Democratic Institutions and Human Rights (ODIHR). The property is also leased to an international consulting company, A.T. Kearney.
The sale of Miodowa Palace is one of the highest profile office transactions in Warsaw during 2011.
The project was managed by Mermaid Properties.