News Article Skanska sells Katowice buildings to Philippine investor
by Property Forum | Investment

Skanska has sold Buildings C and D of the Silesia Business Park, a four-building office complex in Katowice. The buyer is ISOC Group, a diversified real estate and infrastructure investment group, based in Manila, Philippines. This is Skanska’s first CEE office divestment transaction to a Philippine investor. With the sale of buildings C and D, the developer has now sold all four properties in the Silesia Business Park complex. Buildings A and B were divested in 2015 to a Swedish investor.

These two Class A office properties offer a total leasable area of around 24,600 sqm (12,300 sqm each) and 250 parking spaces on two underground levels. The buildings benefit from excellent exposure in one of the most sought-after locations in Katowice – the city's rapidly developing Business District. The two buildings are already 72% leased to technology and IT sector tenants such as PwC, Accenture and NGA Human Resources.
 
“Over the last few years, the CEE commercial real estate market has seen an increasing flow of newcomers from Asia, South Africa and the Middle East. In 2016, Skanska divested a hotel in Warsaw to a Qatari investor and now we are delighted to welcome our first partner from the Philippines. The growing awareness of Polish regional markets among newcomers is a very encouraging sign for the Polish and CEE investment market,” says Adrian Karczewicz, Head of Divestments at Skanska’s commercial development unit in CEE.
Adrian Karczewicz

Adrian Karczewicz

Head of Divestments CEE
Skanska Commercial Development Europe

As Head of Divestments for Skanska CDE, Adrian Karczewicz is responsible for sourcing buyers and conducting the deal process in four CEE markets: Poland, the Czech Republic, Hungary and Romania. In 2015, Skanska CDE concluded final sales agreements for 11 office buildings, achieving a total transaction volume of nearly EUR 500m for the year. As a result, the company’s sales activity accounted for over 20% of the total transaction volume in the office sectors of the Czech Republic, Hungary, Poland and Romania, maintaining Skanska CDE’s leading position in the CEE office market. Adrian conducted the company’s first office portfolio transaction in the region – a sale of four buildings located in two Polish regional cities. This was 2015's biggest office divestment realized in CEE and the company's biggest ever transaction in the region. In 2014 Adrian was responsible for sourcing buyers for seven office buildings in Central and Eastern Europe and executing the transaction process. Adrian started his professional career in 1997 as an analyst at Gerald Eve International, going on to work for Knight Frank in Warsaw, and GE Capital Golub Real Estate. Prior to joining Skanska in 2013, he worked for Echo Investment as the director responsible for the company’s asset divestments.  More »
“The ISOC Group is investing in Poland, particularly in Katowice as it reinforces the company’s push towards technology and innovation. With its booming BPO and SSC market, a highly educated labour force, a good infrastructure already in place, and the quality of international investors, Katowice is ISOC’s most significant entry into the European market. We see Katowice as a vibrant centre that has connections with two other major destinations in Poland, Krakow and Wroclaw. We are excited and eager to develop and expand upon our partnerships and presence in the country,” Michael Cosiquien, chairman of ISOC stated.
 
Building C of the complex is already LEED Gold certified (Leadership in Energy & Environmental Design), while Building D is expected to receive the certification in Q2 2019. Both properties are part of the four-building office complex, which is now entirely divested.
 
During the sales process, Skanska was advised by GVA and Colliers International, while ISOC Holdings Inc. was advised by Augusta Cracovia and CBRE. Legal advisers for the transaction were Hogan Lovells for the purchaser and Dentons for the seller.