Hansainvest Real Assets has emerged as the buyer of Skanska’s Generation Y office skyscraper in Warsaw for €285 mln in the largest sale in the office sector in CEE in 2021.
PropertyEU first reported at the beginning of the year that the Swedish-based developer and construction group was marketing the asset for some €300 mln.
Generation Park Y, the last building of the Generation Park office complex, is Hansainvest Real Assets’ fourth acquisition from Skanska.
The asset is a 38-storey 140-metre high building with a total leasable area of around 88,000 m2. The entire office space is leased for ten years to Polish insurance company PZU which uses it as its headquarters. The asset was completed in the first quarter of 2021 and boasts a Leed Core & Shell Platinum certificate and Wwell Health-Safety Rating.
‘Being our first skyscraper in CEE, Generation Park Y is our flagship project not only in Poland but also in the entire region,’ said Arkadiusz Rudzki, executive vice president Leasing & Sales at Skanska’s commercial development business unit in CEE.
‘Core office properties fulfilling ambitious ESG criteria continue to be sustainable long-term investments, particularly new developments in dynamic markets such as Warsaw or comparable metropolitan areas. Generation Park Y therefore fits very well into our overall acquisition strategy,’ added Nicholas Brinckmann, speaker of the board of Hansainvest Real Assets.
‘This transaction confirms that foreign capital flows to CEE regardless of the pandemic, and investors find our region attractive, thanks to A-class products and economic potential. Over the recent months, the demand for core office buildings has increased significantly in Europe. Therefore, I’m delighted that Skanska is answering this need and providing investors with core assets in this part of Europe,’ commented Adrian Karczewicz, head of Divestment at Skanska’s commercial development business unit in CEE.
Skanska has already sold the Generation Z building. In March 2020, Germany’s Deka Immobilien agreed to purchase the 19,000 m2 property for €98 mln.
The building is leased to Vistra and Crido, among other tenants. The 19,000 m2 of total leasable area includes 110 parking spaces and 102 storage space for bikes.
