HB Reavis sells Konstruktorska Business Center in Warsaw’s major business district to global investment group Golden Star Estate
International real estate developer HB Reavis has sold its Konstruktorska Business Center to international real estate investment company Golden Star Estate B.V. in the developer’s first divestment in the Polish market.
Konstruktorska Business Center provides Mokotow, Warsaw’s prime business district, with 49,500 sq m of high-quality A-class office space. The seven-storey office scheme boasts the largest floorplate in Central and Eastern Europe, providing businesses with open-plan and flexible working spaces. What truly distinguishes this Epstein-designed development are its two green internal patios of 3,200 sq m offering a place for employees to pause or hold more informal meetings. Konstruktorska Business Center is 100 per cent occupied and home to a number of prestigious companies and institutions including: Procter & Gamble, PZU, Otis and Heineken.
Marian Herman, CFO of HB Reavis said: “Konstruktorska Business Center is our first development in Warsaw, delivered in 2013. With the sale we mark the completion of the entire development cycle, proving our capability to create high-quality office schemes that are attractive to both occupiers and investors. The successful sale also confirms the continued demand of investors for core assets in Poland. We found common understanding with Golden Star Estate and appreciate their investment approach.”
Stanislav Frnka, CEO of HB Reavis Poland added: “The sale of Konstruktorska Business Center demonstrates clearly that investors have confidence in the Mokotow business district and they can envision its future potential. With the airport at the district’s doorstep, constantly developing amenities and upcoming infrastructural improvements, this largest business hub in Poland will in the long-term remain attractive for various types of businesses.”
Gal Peleg, CEO of Golden Star Estate said: “The acquisition of Konstruktorska Business Center is another investment in a quality asset we have decided to add into our international real estate portfolio of income producing assets. Konstruktorska Business Center stands in line with our business strategy of strengthening our position in the Warsaw real estate market together with other quality income producing properties we already own and manage here successfully.”
Greenberg Traurig advised HB Reavis on the transaction and Marcin Rogala from SRC law advised Golden Star Estate.