CEE developer HB Reavis has sold three of its prime Warsaw office schemes for more than €300 mln.
The assets include Konstruktorska Business Centre and buildings A and B of its Gdanski Business Centre, representing the developer's first divestments in the Polish market.
'By completing the two deals in Poland we will have sold nine assets to a value of three quarters of a billion euros across our European portfolio in 2016,' said CFO Marian Herman. 'Our strong transaction track record this year demonstrates not only the quality and attractiveness of our assets, but also persisting confidence of institutional investors in the European markets despite the recent uncertainties across Europe following the UK’s vote to leave the EU. Poland in particular remains one of to the most favoured investment locations.'
The fully occupied Konstruktorska Business Centre has been acquired by Amsterdam-based Golden Star Estate. Featuring around 50,000 m2 over seven floors, is has the largest floorplate in the CEE region and tenants include Procter & Gamble, PZU, Otis and Heineken.
Separately HB Reavis has signed a sales agreement with Savills IM on behalf of a global pension fund client for buildings A and B of the Gdanski Business Centre. Its four buildings (A, B, C and D) provide around 100,000 m2 of class A office space to occupiers including KPMG and Aviva.
The deals come just a month after HB Reavis announced the sale of its London flagship development, 33 Central, to US bank Wells Fargo. The developer said that the divestments were in line with its strategy to recycle capital from asset sales into new investments.
HB Reavis was recently recognised as the third largest office developer in Europe by PropertyEU’s annual Top Developers Survey. The completion of 273,000 m2 of commercial space between 2013-2015, as well as the company’s pipeline of projects in Bratislava, Budapest, London, Warsaw and Prague, which are set to finish over the next few years, helped the pan-European developer to secure one of the top spots.
Greenberg Traurig advised HB Reavis on both deals.
Savills and Clifford Chance advised Savills IM on the Gdanski Business Centre transaction, while BNP Paribas Poland acted as brokers and Marcin Rogala from SCR Law advised Golden Star Estate on the Konstruktorska deal.
