Echo Investment has signed a conditional sale agreement for React, the office building located at 24 Piłsudskiego in Łódź. Upon completion of the deal, React will be acquired by Summus Capital, an Estonian-based investment company. The transaction is valued at €32.5 million.
React is an office building in central Łódź that offers more than 15,000 sqm of workspace. It is fully leased to tenants such as Alorica Inc. and Bank Pekao S.A. Group, as well as Enel-Med Medical Centre.
"The successful divestment of React proves that office projects in great locations with exceptional ESG credentials and a guarantee of good revenues continue to attract reputable international investors. The deal with Summus Capital also confirms the lasting potential of our fully leased office developments in Polish regional markets", says Judyta Sawicka, Head of Investment and Divestment at Echo Investment.
Summus Capital is a real estate investment holding group established to invest in commercial real estate across all three Baltic countries and has decided to expand its portfolio to other CEE countries. Its portfolio includes retail, office, logistics, and medical properties. Scope Ratings GmbH has affirmed its BB/Stable issuer rating for Summus Capital.
"We are thrilled to enter a new market in Łódź with the purchase of the React office building. The excellent quality of the asset, its strong tenant base with long-term leases, high ESG compliance, and the seller’s proven track record were key factors in our decision to invest in this development. In our opinion, the project's returns outweigh the risks associated with both the region and the property, offering sustainable growth. It is well-suited for one of our first investments in Poland", comments Hannes Pihl, board member of Summus Capital and managing partner of Zenith Family Office, the strategic asset and investment management partner of Summus.
React uses energy-saving solutions, optimized lighting and non-toxic materials that have been recognised with a BREEAM certificate at the 'Excellent' level. It is also certified with WELL Health and Safety rating. Cycling enthusiasts can appreciate its bicycle infrastructure including parking, showers, and changing rooms.
CBRE and Greenberg Traurig advised the seller during the transaction, while Penteris advised the buyer about the deal.
