Skanska sells its biggest office building to Union Investment

Press release 12/19/2014 9:30 AM CET

Skanska Property Poland is selling its fourth investment in Wroclaw – Dominikański. The office complex, offering the highest amount of office space among Skanska’s investments currently being developed, will be purchased by Union Investment. The companies have already signed the agreement regarding future transaction. Skanska’s second divestment contract in Q4 of 2014 is another spectacular success for the company – the building found a purchaser several months before its scheduled completion.

Dominikański, Wrocław

The office complex being acquired by the Hamburg-based real estate investment manager will ultimately provide 40,000 sqm of modern class A office space. The complex’s handover to the investor is scheduled for Q4 of 2015. Dominikański, situated in the very heart of Wroclaw, offers its tenants a location in one of the most prestigious parts of the city – near Dominikański Square. The building, which is not only conveniently located but is also served with excellent transport links, is already 50% leased. Among the scheme’s tenants are companies such as: HP Global Business Center occupying 16,400 sqm and Deloitte as well as PKO BP. Skanska’s local units also have their offices in the complex.

"Seven years ago, Skanska decided that Wroclaw would be the first office market outside Warsaw that the company would invest in. Due to the city’s rapid development, it is currently the location where we have the highest number of projects. In 2014, the city registered the biggest leap in the prestigious Tholons ranking of the best outsourcing locations in the world. Furthermore, it is in the top ten most attractive European cities for foreign investments. The sale of Dominikański to Union Investment underpins Wroclaw's growing reputation on the international market," comments Mariusz Krzak, Regional Director for Skanska Property Poland.

"For us, Dominikański was a natural investment choice. It is a high quality office building in a prestigious location that meet the needs of large tenants. The potential of Polish regional cities is becoming increasingly recognized in Central-Eastern Europe, which is due in no small part to developers such as Skanska Property Poland ," asserts Philipp La Pierre, Head of Investment Management Europe at Union Investment. Outside of Warsaw Union Investment is already holding assets in Katowice, Krakow and Lodz totaling some 600 million Euros.

Skanska Property Poland was advised on the transaction by Colliers International consulting agency. Legal consultancy for the developer was provided by Dentons.

Dominikański is LEED Gold pre-certified. This means that the complex will reduce energy and water consumption by 19% and 40% respectively when compared to reference buildings. Companies that wish to develop in one location over the long-term will be able to because of the building’s flexible office space. This flexibility will also prove to be very convenient for employees. Indeed, this was one of the features that persuaded HP Global Business Center to consolidate its two previous locations into one at Dominikański.

Another interesting feature of Dominikański is that it combines modernity with history. On the plot purchased by Skanska stands the historic Oppersdorf Palace that, after revitalization, will become an integral part of the office complex. Dominikański will also offer a publicly accessible patio with greenery and relaxing landscape architecture, services and restaurants.

Last updated: 8/22/2017