SCPI Transitions Europe, managed by Arkéa Real Estate Investment Management, has acquired Lastadia Office, a fully let office building located on an island by the western bank of the Oder River in Szczecin, from Greenstone Asset Management.
Stephane Chauvel, partner, Greenstone, said: 'We are pleased to have completed the sale to SCPI Transitions Europe, a French institutional fund managed by Arkéa REIM, looking for investment grade, secure investments. We also appreciate to be retained as asset manager in the project.'
Lastadia comprises more than 12,600 m2 of modern office space spread over six above-ground floors and 258 parking spaces at the back of the building and on a neighbouring plot which has also been sold as part of the transaction.
The building was completed in 2013 and is certified BREEAM Very Good. In addition to a restaurant, a grocery and a parcel locker on the ground floor of the office building, there are plenty of cafés and restaurants along the river.
The deal follows other recent transactions in regional city office markets executed by Greenstone, which specialises in private equity investment. In early June, the company bought the Format office building in Gdansk.
Added Marcin Gajewski, partner, Greenstone: 'Lastadia is our second successful exit from the office project after sale of Tensor in 2022. During the 5- years holding period Greenstone managed to significantly increase the WAULT and average rent which allowed us to generate an exceptional return for our investors.'
Arkéa Real Estate Investment Management, a subsidiary of Crédit Mutuel Arkéa, specialises in real estate fund management.
Greenstone was advised during the transaction by Cushman & Wakefield and law firm LegalKraft. The advisers of Arkéa REIM were Sienna Investment Managers, Syrena Real Estate and Dentons.
