International real estate developer HB Reavis has signed preliminary sale agreement to sell two of its buildings, situated in the City Center of Warsaw, to Savills Investment Management on behalf of a Global Pension Fund client. In one of the largest transactions of the year in Poland and also in Central and Eastern Europe amounting to €186 million, Savills Investment Management has acquired buildings A and B of the Gdanski Business Center in Warsaw, totalling 48,000 sq m.
Gdanski Business Center offers a truly unique investment opportunity for the pension fund. As a new investor in the Polish market, to obtain a fully occupied building and high quality asset in one of Warsaw’s most sought-after and well-connected office locations in the city centre is a great asset. The deal comes only one month after we agreed to sell our 33 Central development in London and only few days after we have completed the divestment of Konstruktorska Business Center, another of our Warsaw assets. Our strong transaction track record this year across number of our markets, demonstrates not only the quality and attractiveness of our assets, but also persisting confidence of institutional investors in the European markets despite the recent uncertainties across Europe following the UK’s vote to leave the EU. Poland in particular remains one of to the most favoured investment locations.
We are pleased that the purchaser recognized the Gdanski Business Center’s excellent line-up of tenants, the unmatched connectivity, mixed-use amenities and quality of building design. The building fits perfectly into Warsaw’s urban fabric and has proved a success with both office workers and local visitors.
We are delighted to have successfully concluded the purchase of these assets on behalf of our client. The quality of the buildings, transport links and the attractive mixed environment that HB Reavis have created at GBC is unique, and as a result continues to attract a wide range of tenants from government, professional through to the technology sectors. The investment market continues to mature and strengthen, and we are confident that it will be the best located, highest quality schemes such as GBC that will prosper and be well placed to take advantage of Warsaw’s and Poland’s continued strong economic growth.