Germany's IVG completed the purchase in December of the Mlodziejowski Palace historic building in Warsaw for over EUR 22 mln. The vendor is a company managed by Mermaid Properties.

The asset was acquired for the recently-launched IVG Warschau Fonds, an investment vehicle managed by IVG Institutional Funds.

Situated in Warsaw's Old Town, Mlodziejowski Palace has been recently refurbished to provide 7,000-m2 of Grade-A office accommodation. The building is mostly let to the Polish Ministry for Foreign Affairs as well as to international consulting company A.T. Kearney.

'Warsaw remains the focus for international capital and this acquisition reinforces the international appeal of Warsaw for real estate investors, recognizing the long term strength of capital of the Poland office market,' said Maciej Zajdel, managing director of IVG Poland.

Mlodziejowski Palace represents the fifth Warsaw office building acquisition of IVG for its various funds in the last 15 months, following the purchases of Victoria Building, BTC, Ujazdowskie 10 and N21.

CB Richard Ellis advised IVG, DTZ acted for the vendor.