HB Reavis sells Gdanski Business Center II for over €200 million
In one of the largest transactions in Poland this year, international workspace provider HB Reavis has successfully sold two Warsaw office buildings to Savills Investment Management (Savills IM) who acted on behalf of a global pension fund client. Offering ca. 53,000 sq m buildings C and D are part of Gdanski Business Center scheme, now entirely owned by the global pension fund.
Among the largest such developments in Warsaw, Gdanski Business Center is a clever mix of well-connected business space, many amenities on its doorstep and an open to public green courtyard. Rooftop terraces available to tenants and vibrant ground floors including fitness centre, restaurants, cafes and a kindergarten with dedicated playground on-site have become highly valued not just by employees, but also residents and visitors alike.
Completed in 2016, Gdanski Business Center is the best-connected office development in Warsaw with unrivalled access to public transportation. Boasting 100% occupancy rate, the whole business campus is now home to around 10,000 employees working at a number of well-known institutions including Aviva Group, KPMG, Nielsen, Euronet, BGŻ BNP Paribas, GE and the Court of Appeals to name a few. The first two out of the four office buildings totalling 48,000 sq m were sold in December 2016 for €186 million, also to Savills IM on behalf of the same client.
Jon Crossfield, Head of Strategic Partnerships at Savills IM commented:
“We are delighted to have completed another successful transaction on behalf of our client and gain control over the entire complex at Gdanski Business Center. The scheme offers an unique combination of facilities and location, let at attractive rental levels and proven success with a wide range of first class occupiers. The deal also marks another large investment into Poland, a country in which we have made significant investments totalling nearly €1bn in the last two years.”
Conveniently located near a railway and metro station, numerous tram and bus stops, with easy access to urban bike rental, it reduces dependency on car travel. Powered by energy from renewable sources, the buildings have been awarded sustainable BREEAM Excellent standard.
Greenberg Traurig advised HB Reavis on the deal. Clifford Chance and K+S Ingenieure advised Savills Investment Management.