Designed by Sir Norman Foster, the Metropolitan building in central Warsaw is changing hands again.The current owner of the office building, Deutsche Bank's DWS Alternatives, paid €190m for the building in 2014. The previous owner, Aberdeen Asset Management Deutschland, bought the building from Hines in 2006 for €169m. In eight years, the property has increased in value by €21m.“It is not a rule that prime real estate always get more expensive with age. Most often it is the other way round, especially on a market as dynamic as Warsaw. However, an increase in value despite the increasing age of the best real estate is a sign of a stable market,” says Andrzej Tokaj, Penteris Senior Partner.Other transactions involving Warsaw office buildings have also seen increases. Warsaw Financial Center (WFC) was bought in 2012 by a consortium of Allianz Real Estate and Tristan Capital Partners for €210m, and then acquired in 2019 by CPI PG for €275m. When Madison International Realty Group bought a 50% stake in Warsaw Spire from Ghelamco in 2018, the entire building was valued at around €350m, with Immofinanz paying €386m for it in 2019.Andrzej Tokaj, whose Penteris advised Immofinanz on the transaction, stresses that “other factors also determine the value of a property, such as the desire to change the current real estate portfolio of an investor or the uniqueness and prestige of the building being acquired”. When Warsaw Spire was purchased, there was no other building of this value, class, size and recognition available either in Warsaw, or the entire CEE region. Puls Biznesu