Hansainvest Real Assets has acquired “Generation Park X” the first building of “Generation Park”, a prime office project located in Warsaw, Poland. It is the investor’s second acquisition in Poland, as well as its second from Skanska. The transaction volume was around €83m.
The first out of three office buildings of the Generation Park complex was completed in November 2017, providing approx. 21,000m². Almost the entire office space is leased to Citi Service Center Poland, creating one of the company’s biggest shared service centres in a single location. The building enjoys an excellent position on a prominent corner location in the new business district of Warsaw, directly next to a metro line. The project is expected to receive a LEED Platinum certification. This modern trophy asset broadens Hansainvest Real Asset’s portfolio. Previously, the asset and investment manager completed the acquisition of its first Polish office project, Atrium 2, in December 2016.
“It’s our second deal together within a year and again in the Polish capital. This demonstrates the maturity and liquidity of Warsaw’s investment market and the attractiveness of the city for international investors,” says Adrian Karczewicz, Head of Divestments at Skanska’s commercial development business in the CEE.
Nicholas Brinckmann, Managing Director and Spokesperson of Hansainvest Real Assets, says: “This state-of-the-art property fits perfectly into our investment strategy. As planned, we are expanding our real estate portfolio in Poland with "Generation Park X". There is still a backlog demand for high-quality office real estate in the Polish capital.” The Polish market is characterised by rents that are at the level of many German major cities – with higher yields at the same time. “The acquired property is particularly sustainable, well connected to public transport and very well leased.”
“Over a 30-year presence in CEE office market, Skanska has gained enormous experience which allows us to offer the highest quality products. Our partners appreciate our stable business and transparent working standards,” adds Katarzyna Zawodna, CEO at Skanska’s commercial development business in the CEE.
Generation Park will comprise three office buildings with a total leasable area of around 84,000m². The highest building, a 34-storey tower, will reach 140 metres (180 metres including the spire). The buildings will be independently certified LEED Platinum, but will also have the “Building without barriers” classification.
During the sales process, Hansainvest Real Assets was advised by MF Capital, while Cushman & Wakefield and Colliers International acted as the exclusive agents for Skanska. Legal advisers for the transaction were Greenberg Traurig for the buyer and Dentons for the vendor.
