Skanska has sold the first phase of the Spark office complex in Warsaw to a real estate fund of KGAL Investment Management for €48m. The deal marks the buyer's first acquisition with Skanska, as well as the fund's first investment in the Polish office market.
The purchased property is a best-in-class modern office building located in Warsaw City Center West. It offers a total leasable area of around 13,000m² and 86 parking spaces located on two underground levels. It is already 85% leased to the Skanska Group and other tenants. The remaining space is subject to advanced negotiations.
Andrian Karczewicz, Head of Divestments at Skanska's Commercial Development unit in CEE, said: "The Polish real estate market continues to attract new players such as KGAL as well as those companies which have already invested here. Newcomers are selecting safe and reliable partners who will provide them with prime products. Spark, which is also the location for Skanska’s Polish headquarters, is a guarantee of a top quality asset that offers stable returns."
Andre Zucker, Managing Director of KGAL, commented: "We are delighted to have closed the deal on this recently completed, striking office property in a key central location of the city. Based on the appeal of the much sought-after Warsaw office market, we expect to continue our strong performance and meet increasing investment demand."
