by Ákos Budai | Investment

International real estate developer HB Reavis has signed a preliminary sale agreement to sell two of its buildings, situated in 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 sqm.


Gdanski Business Center, comprising of four completed buildings (A, B, C and D), provides the Polish capital with nearly 100,000 sqm of Class A office space and is already home to a number of companies and institutions including KPMG, the Agricultural Property Agency, SNC Lavalin, Provident, WebInterpret, KMD, Agito, Bank BGZ BNP Paribas SA and insurance group Aviva.

Marian Herman, CFO of HB Reavis said: “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.”
 
JLL, Cushman & Wakefield and Greenberg Traurig advised HB Reavis on the deal. Savills, Clifford Chance and K+S Ingenieure advised Savills Investment Management.