The deal, which was initially announced on 23 December, comprises the iconic office tower at Chalubinskiego 8 next to Warsaw's main train station. Formerly home to Citigroup in Poland, it provides more than 40,000 m2 of space and was one of the first office towers to be built in the city.

First Property said that the net proceeds received by the group amounted to some £16.7 mln (€19 mln), taking total cash to £25 mln. The internal rate of return earned from its investment in the building during the period of the group's ownership from December 2014 equates to 63% per annum.

Ben Habib, CEO, First Property, said: 'The significant return on our five-year investment in the CH8 Tower supports our decision to focus considerable resources in Poland 15 years ago.

'While the prospects of a global slump triggered by Covid-19 has investors rightly worried, we think the fundamentals of the Polish property market will remain strong. Poland, which is already beginning to lift Covid-19 restrictions, entered the crisis with a relatively low ratio of debt to GDP, enabling the nation to deliver a massive stimulus package. By keeping debt at manageable levels, the prospect of a quick bounce-back is likely.'

First Property said it intended to use proceeds from the sale to make new investments in partnership with other investors, most probably in Poland and Romania.

'With interest rates set to continue to remain low, the availability of good quality well let commercial property at yields of 8% or more is enticing. We have an excellent track record of making outsized returns from this type of property and armed with the cash released by the sale of CH8 expect to continue to do so,' Habib added.