Von der Heyden Group announced today that it has entered into a share-purchase agreement with Luxembourg-based Accession Fund SICAV – GLL-Managed Fund and sold it’s shareholding in one of its 14 Polish purpose companies: Mysia 5 Sp. z o.o. The VDHG’s subsidiary owns a prominent A+ class office building in Warsaw’s historic CBD. Accession Fund SICAV has been a 50% shareholder in Mysia 5 Sp. z o.o. since October 2004.
Although terms were not disclosed, Sven von der Heyden, von der Heyden Group’s Chairman said that: ‘selling our interest in Liberty Corner has certainly not been an easy decision, people close to us know what the building means to us. However, we are actively investing in several opportunities both in Poland and in Germany, therefore it was a logical consequence to have sold our interest to our partner Accession Fund’.
Adam Trybusz, Von der Heyden Group Managing Director in Poland said: ‘Developers don’t build buildings for themselves as parents don’t bring up children for themselves. We believe the right time to dispose Liberty Corner has come and we always try to be on time’.
‘Liberty Corner is one of the highest quality assets in Warsaw. Its consistent out-performance of the market has proven this out’ said Barry McGowan, Accession Fund CEO. ‘We were very pleased to be able to acquire the remaining 50% from our partner, Von der Heyden Group. We are very pleased with their work at Liberty and plan to continue to work with them on other projects in the future’, added Accession Fund Director, Gerd Kremer.
Von der Heyden Group completed construction of Liberty Corner in Summer 2003. The property is currently 65 % leased and houses prestigious tenants such as the Embassy of Ireland, Deutsche Bank, Knight Frank, Von der Heyden Group, Kolaja & Partners, BZWBK TFI Investment Fund, Jaime Mascaró and IVEX, a Spanish government owned trade promotions agency. The owners are planning to reach fully-leased status within the next 6-12 months. Von der Heyden Group is retained to arrange for the lease up of the property and will also co-operate with external brokers as before.