Greenstone has acquired a c. 80% stake in a special purpose vehicle owning the FORMAT office building in Gdansk from Torus.
Located in Gdansk's business district, FORMAT offers 16,000m2 of modern office space and is well-connected by public transport. The class A office building has a prime location and features environmentally-friendly solutions for a healthy work environment. Tenants include ERGO Technology & Services, Dr. Oetker, Siemens Gamesa, and more.
“There is no denying that the current situation in the office market differs a lot from that a few years ago. While a post-covid correction continues, history shows that high-quality projects are always on the winning side and can positively stimulate the market. Although FORMAT was built and commercialised in a pandemic and post-pandemic environment, it was 100% let and has now found a buyer. We are particularly delighted that it is the first time in the history of our company that we have sold an office building that enjoys full occupancy,” said Slawomir Gajewski, CEO, Torus.
“Greenstone has been investing on the Tricity office market since 2017, generating outstanding returns for its clients. We are pleased that we can continue our investment journey with the acquisition of FORMAT, whose key advantages include a strategic location in Gdansk and an unparalleled finish quality,” said Marcin Gajewski, Partner, Greenstone.
“We also appreciate its unique tenant mix. With our key tenant being ERGO Technology & Services, a subsidiary of Munich Re -one of the largest European reinsurers with a rating affirmed by Fitch at AA, Greenstone’s latest investment is very attractive and will allow us to continue to generate high returns for our investors,” added Stephane Chauvel, Partner, Greenstone.
Torus, which was advised during the transaction process by global real estate services firm Cushman & Wakefield and law firm Greenberg Traurig. The buyer was advised by LegalKraft and Trebbi.
Image source - Pexels.
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