German asset manager KGAL Investment Management has entered the Polish real estate market with the acquisition of the first Spark office property in Warsaw from Skanska.
Swedish construction group Skanska sold the first building of Spark office complex in the Wola district to KGAL for €48m.
The acquired property offers a total leasable area of around 13,000sqm and 86 parking lots located on two underground levels. It is already 85% leased to Skanska and other tenants.
KGAL said the property will be added to a special, pan-European real estate AIF comprised of 26 commercial properties across Germany, Austria, the Netherlands, Ireland, Hungary – and now also Poland.
André Zücker, a real estate managing director at KGAL Investment Management, said: “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.”
Adrian Karczewicz, the head of divestments at Skanska’s commercial development unit in CEE, said: “The Polish real estate market is attractive, not only to those who have already invested here. It’s also a very prospective market for new players such as KGAL.
“Spark, which is also the location for Skanska’s Polish headquarters, is a guarantee of a top quality asset that offers stable returns.”