Poland Leading the renaissance of local investors

Could you tell us a little about the history of Syrena Real Estate, as well as the current scope and scale of your activities?

Witold Zatoński Kotomski, founding partner, Syrena Real Estate: Syrena Real Estate is a rapidly growing private Polish real estate company that I founded in 2016. From the very beginning, my ambition has been to create long-term value by acquiring, repositioning and actively managing high-quality commercial properties in prime urban locations. I believed that the market is beyond the development phase, where the only way to make good returns was to build something from the ground up.

Today, after 10 years, we specialise in value-add investments and active asset management. We invest both alongside leading international investors, including the likes of PineBridge Benson Elliot and Starwood Capital, and through our own investment platform, we are supported by bank financing. This combination allows us to pursue attractive investment opportunities while continuing to manage assets on behalf of institutional partners.

We currently manage a portfolio comprising around 105,000 sqm of commercial space with a market value of approximately EUR 250 mln. Our flagship projects include the revitalised HOP office building on ul. Chmielna in Warsaw and the Diuna office complex in the city’s Służewiec district. More recently, we expanded our own portfolio with Zaułek Piękna and Renaissance Building, reinforcing our long-term commitment to investing in distinctive properties in central Warsaw.

Although each project is different, they all share the same philosophy: we focus on assets with strong fundamentals, outstanding locations and the potential to evolve together with the city and changing occupier needs.

Why did you decide to acquire the Renaissance Building in central Warsaw? Isn't a converted historic building quite different from most of the other properties in your portfolio?

I actually see Renaissance Building as a very natural addition to our portfolio. We are not looking for a particular type of building. We are looking for exceptional urban assets with long-term potential. Renaissance Building is one of those rare addresses that combines a prime location, a fascinating history and the opportunity to create additional value over time. It’s one of the very few office buildings with an authentic historic façade.

The best investments are often not the newest buildings, but the ones that still have another chapter ahead of them. That is exactly how we see Renaissance Building. We believe its story is far from over, and our role is to help write its next chapter while respecting everything that makes it special.

If there is one common denominator across our portfolio, it is that we invest in distinctive buildings rather than a single asset class. Whether it is a postmodern office building like HOP, a large office campus such as Diuna or a historic property like Renaissance Building, our strategy remains the same: identify quality assets in the best locations and help them realise their full potential.

Renaissance has a long-term tenant in Paramount. Do you intend to manage this asset in much the same way as it was previously? (Retaining a major tenant for the office space as well as retail and services on the ground-floor?) Do you have any specific plans for renovating or adapting the building?

Our immediate priority is to ensure continuity and maintain the building's strong market position. We intend to continue operating Renaissance Building as a mixed-use property with office space occupied by long-term tenants, including Paramount, and retail units at ground level.

At the same time, we always look for opportunities to improve our assets. That does not necessarily mean large-scale redevelopment. Sometimes relatively small interventions in terms of sustainability, building performance or tenant experience can significantly increase the long-term value of a property.

At this stage, we are not planning any major redevelopment works. Our approach is to let each asset evolve naturally, responding to market demand and the needs of its occupiers.

You said that in the future parts of the building could be adapted for residential use. Do you see this as a possible way forward for such properties? And will Syrena Real Estate be focusing more on residential in the future?

The Renaissance Building gives us flexibility because the local zoning plan already allows for residential use. That creates interesting opportunities for the future, but I would stress that we have no immediate plans to change the building's current function.

Any future decision would depend on market conditions and the optimal long-term use of the property.

I would not describe this as a strategic shift towards residential. Our strategy has always been centred on creating value through active asset management. In some locations, the best long-term solution may remain office-led; in others, a mixed-use or partially residential approach could make more sense. What matters most is responding to how cities evolve and ensuring that our buildings remain relevant and attractive for decades to come.