A real estate fund managed by Germany's KGAL Investment Management has made its first acquisition in Poland with the purchase of Phase I of the Spark office complex in Warsaw from construction giant Skanska.
Located in Warsaw City Center West, the 13,000-m2 asset was bought for €48 mln. It is 85% leased to the Skanska Group and other tenants. The remaining space is subject to advanced negotiations.
'We are delighted to have closed the deal on this recently completed, striking office property in a key central location of the city,' said Adrian Karczewicz, head of divestments at Skanska’s commercial development unit in CEE. 'Based on the appeal of the much sought-after Warsaw office market, we expect to continue our strong performance and meet increasing investment demand.'
Skanska was advised by Colliers International and Cushman & Wakefield, while KGAL was advised by Greenberg Traurig, Savills and Arcadis.
