Polish private wealth fund acquires Skanska office for €29m

Polish fund Reino Dywidenda FIZ has acquired an office project in Krakow from international developer-builder Skanska for €29 mln.

Managed by CEE fund manager Reino Partners, the buyer is the first Polish real estate closed-end investment fund dedicated to Polish high-net worth individuals.

Kapelanka 42 is the first project to be developed by Skanska Property Poland in Krakow, Poland's second-largest city. The total leasable area of the office complex, which comprises two buildings, is around 30,000 m2. The building which has been sold offers 11,700 m2 of leasable area. It was completed in the second quarter of 2014 and is already 88% leased to tenants such as Tesco, Apriso and Sygnity.

Both buildings are LEED Gold pre-certified.

Skanska Property Poland was advised on the transaction by CBRE. 'The sales transaction of building B of Kapelanka 42 underlines the increasing liquidity of the office real estate market in regional cities and proves the growing investor interest in the best projects in Krakow,' said Mike Atwell, head of CEE capital markets at CBRE.

The purchaser was advised on the legal side by Norton Rose, while Dentons acted for the vendor. The loan agreement was concluded with Nordea Bank Polska.