February 26, 2014
Warsaw office is fifth in CEE region for property fund management firm
February 26 — Palmer Capital, the commercial property fund management company, has augmented its presence in Central Europe with the opening of a new office in Warsaw.
The office is situated in the heart of Warsaw’s business district at 79 ul. Krakowskie Przedmiescie and will be managed by an initial team of two experienced Polish property professionals under the supervision of Ben Maudling, head of Palmer’s Central and Eastern European operations. Palmer plans to grow its Warsaw staff to six by the end of 2014.
The office’s function will be to manage Palmer’s existing portfolio in Poland and to explore opportunities for enlarging the company’s asset-base with high-yield, mid-market properties in the industrial, commercial and office sectors. Palmer currently has € 300 million of property assets under management in the CEE region and pursues an active acquisition strategy.
“We announced in March 2013 that we would open a Polish office within 18 months and I am delighted to announce that we have done exactly that, well ahead of schedule. We have recruited two first-class professionals as the hub of our Warsaw team and look forward to substantial expansion consistent with Palmer’s exacting standards for developing its portfolio,” Maudling said.
Guy Barker, Palmer’s European Managing Director said: “We are encouraged by the fact that Poland’s economy has definitely turned the corner, with 1.6 per cent growth in 2013. The World Bank has even described Poland as entering ‘a new golden age’ of stability. Palmer’s strategy focuses on less-expensive, non-central locations, where we foresee increasingly strong demand as tenants look for ways to reduce their operating costs.”
Palmer Capital, established in 1992, is a privately-owned fund management and property management company with €1 billion of assets in Europe and a strong portfolio in Central and Eastern Europe. It is noted for its hands-on approach to the management of commercial properties in regional cities and non-city-center locations. The company’s new Warsaw office will be its ninth office in Europe and its fifth office in CEE.
Author: News Desk, Prague Post