Skanska, the Swedish-based developer and construction group, has begun the sale of its Generation Y office skyscraper in Warsaw.
Sources say the Stockholm-headquartered group – which for the past three years has topped PropertyEU’s annual ranking of office developers for space constructed – has officially launched the divestment five months after PropertyEU tipped the sale.
It is understood that joint agents have been instructed and the marketing process is underway in what is likely to be one of the largest single asset deals in Poland in 2021.
The guide price is around €300 mln.
At 140 metres, Generation Y is the tallest of the three properties on Skanska's Generation Park development located in the Wola district of Warsaw and ranks as its highest-rise office building development, not only in Poland but in the entire Central & Eastern Europe (CEE) bloc.
In June 2020, Skanska signed a 10-year lease with insurance company PZU Group for 47,000 m2. The lease covers the office, retail, storage space, plus 325 parking spaces. The tenant is expected to take occupancy in the second quarter of 2022.
Skanska’s Generation Park complex totals a leasable area of around 87,000 m2 of office and retail space. Each building on the park is named with a X, Y, and Z sign, referring to the future generation of Warsaw residents.
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.
Skanska remains the biggest office developer in Europe despite the Covid-19 pandemic. In 2020, its commercial development arm sold four office buildings for €265 mln, completed seven projects with a total volume of over 150,000 m2 and leased over 135,000 m2 in the CEE region.
Skanska declined to comment. The company is listed on the Nasdaq Stockholm stock exchange.
