Skanska has sold the Green2Day building in Wroclaw, Poland, to the real estate fund manager Niam. It is the developer’s fifth office project in the city with its sixth – Nowy Targ – currently under construction.
Green2Day in Wroclaw was completed in Q4 2017 and offers approximately 18,000 sqm of GLA. It is leased to companies such as ULTIMO, Tieto and KPMG. Thanks to Business Link – the largest network of flexible office space in Poland – the building also offers co-working and short-term lease solutions. Green2Day enjoys excellent access and visibility as it is close to Wroclaw’s main communication hub – Reagan Roundabout. The communal spaces in front of the building's entrances transition into a new pedestrian footpath along the Odra River.
“We enjoy a good business relationship with Niam illustrated by the trust the company puts in Skanska’s products. This is the fifth Skanska project we have divested in Wroclaw. In previous years players such as Union Investment, GLL, RREEF and PZU have appreciated the potential of the Wroclaw office market by selecting our buildings,” says Adrian Karczewicz, Head of Divestments at Skanska’s commercial development business in CEE.
Skanska has been steadily building its presence in Warsaw and the six main Polish regional markets. Today with the Polish real estate market being on the global investor’s radar, the developer is ready to provide a diversified offering to suit investors’ preferences and market strategies.
“In the last decade, the Central Eastern European market has seen increasing investor interest in office projects. A large pool of well-educated people speaking a wide range of foreign languages, and good market conditions are driving the leasing market. The CEE recipe for solid investment products is simple: prestigious tenants and high quality certified buildings. Buyers such as Niam, who come back to us seeking new additions to their portfolio, confirm that CEE assets are very competitive and often yield better returns than those in Western Europe,” adds Katarzyna Zawodna-Bijoch, President and CEO of Skanska’s commercial development unit in CEE.
Investors such as Niam are continuing their strategy of strengthening their asset portfolio in Poland.
“We are pleased to acquire this high-quality office property built by Skanska in an attractive location in Wroclaw. This building will complement our fund portfolio with strong cash flows and risk-adjusted returns,” adds Fredrik Jonsson, Niam CEO.
The Green2Day project is expected to receive LEED Gold certification. It will also be certified as a “Building without Barriers” for its accessible design and inclusiveness for people with disabilities.
During the sales process, Colliers together with Cushman & Wakefield acted as the exclusive agent for Skanska. Legal advisers for the transaction were Linklaters for the purchaser and Dentons for the vendor.