News Article Skanska sells Warsaw building to KGAL for €48 million
by Property Forum | Investment

Skanska has sold the first phase of the Spark office complex in Warsaw to a real estate fund of KGAL Investment Management GmbH & Co. KG, a leading German independent investment and asset manager. This is not only the buyer's first acquisition with Skanska, it is also the fund's first investment in the Polish office market.

The purchased property offers a total leasable area of around 13,000 sqm and 86 parking spaces located on two underground levels. It is already 85% leased to the Skanska Group and other tenants. The remaining space is subject to advanced negotiations.
 
“The Polish real estate market continues to attract new players such as KGAL as well as those companies which have already invested here. Newcomers are selecting safe and reliable partners who will provide them with prime products. Spark, which is also the location for Skanska’s Polish headquarters, is a guarantee of a top quality asset that offers stable returns,” 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 »
“We are delighted to have closed the deal on this recently completed, striking office property in a key central location of the city. Based on the appeal of the much sought-after Warsaw office market, we expect to continue our strong performance and meet increasing investment demand,” comments André Zücker, Managing Director of KGAL Investment Management GmbH & Co. KG, who is responsible for the real estate asset class.
 
The property is expected to receive LEED Platinum certification. It has also been built in accordance with “Building without barriers” certification guidelines, for its accessible design and inclusiveness for people with disabilities. By the end of this year, the first phase of the Spark project will be the first office project in CEE to receive WELL Building Standard certification.
 
During the sales process, Skanska was advised by Colliers International and Cushman & Wakefield, while KGAL was advised by Greenberg Traurig, LLP, Savills and Arcadis.