by Ákos Budai | Investment

International real estate developer HB Reavis has sold its Konstruktorska Business Center to international real estate investment company Golden Star Estate B.V. in the developer’s first divestment in the Polish market.


Konstruktorska Business Center provides Mokotow, Warsaw’s prime business district, with 49,500 sqm of Class A office space. The seven-storey office scheme boasts two green internal patios of 3,200 sqm in addition to the largest floorplate in Central and Eastern Europe. Konstruktorska Business Center is 100 per cent occupied and home to companies such as Procter & Gamble, PZU, Otis and Heineken.

Marian Herman, CFO of HB Reavis said: “Konstruktorska Business Center is our first development in Warsaw, delivered in 2013. With the sale we mark the completion of the entire development cycle, proving our capability to create high-quality office schemes that are attractive to both occupiers and investors. The successful sale also confirms the continued demand of investors for core assets in Poland. We found common understanding with Golden Star Estate and appreciate their investment approach.”
 
Stanislav Frnka, CEO of HB Reavis Poland added: “The sale of Konstruktorska Business Center demonstrates clearly that investors have confidence in the Mokotow business district and they can envision its future potential. With the airport at the district’s doorstep, constantly developing amenities and upcoming infrastructural improvements, this largest business hub in Poland will in the long-term remain attractive for various types of businesses.”
 
Greenberg Traurig advised HB Reavis on the transaction and Marcin Rogala from SRC law advised Golden Star Estate.