Skanska sells its first office building in Lodz to Griffin managed fund (PL)

Skanska Property Poland is selling its Lodz-based office complex Green Horizon, the company’s first investment in the city. The building is being acquired by a fund managed by Griffin.
Green Horizon was commissioned for use in Q2 of 2013 and offers ca. 33,000 m² of modern class A office space. The complex is almost entirely leased to companies predominantly from the business services sector. Among its main tenants are Infosys BPO and Southwestern, with Infosys occupying the largest space at over 21,000 m².
"It is our third sales contract in Poland in two months, and the second with a partner, who is among the biggest real estate investors in the world. The Lodz transaction can be a sign that even the top-tier companies are beginning to see the potential of the city. This is only the third divestment in Lodz over the last six years. However, the city should not be overlooked as it is among the five most important outsourcing locations in Poland. This sector has already generated 130 000 jobs in the country and is the fastest growing sector of the Polish economy. The sale of Green Horizon also illustrates that when the best office buildings are taken into account, they will always be attractive products even if they are outside capital cities," comments Adrian Karczewicz, Transaction Director at Skanska Commercial Development Europe.
Green Horizon will be part of the portfolio of investment group Griffin Real Estate.
Skanska Property Poland was advised on the transaction by Cushman&Wakefield international advisory firm, while the legal issues were secured by Dentons. Legal consultancy for the purchaser was provided by Linklaters law firm, and commercial by Colliers International.
Source: Skanska

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