Accession Fund SICAV, an investment fund registered in Luxembourg, has acquired a 50% stake in a company that owns the Liberty Corner office building on ul. Mysia 5 in Warsaw, announced the Von der Heyden Group, the developer of the building and co-owner.

Although financial details haven't been revealed, Sven Von der Heyden, president and owner of the Von der Heyden Group, stated that the Luxembourg fund had acquired shares from American Harbert Management, a co-investor in the building.

This will be the end of a strategic alliance between von der Heyen and Harbert Management, initiated in 2000 for investing in Poland. It also means that Herbert Management intends to withdraw from Poland. The company is owned by a wealthy Alabama family, very active in real estate invesment. Accession Fund SICAV, managed by Munich-based GLL Real Estate Partners, also became a co-owner of a plot adjacent to Liberty Corner, which was acquired by von der Heyden two years ago. The developer plans to complete Liberty Corner Courtyard there, a building adjoining the main building. The new facility will consist of 4,750 sqm of usable space. Construction work is set to start in late 2005 and is scheduled for completion in 2007.