Skanska has sold Westin Warsaw, a five star hotel in Warsaw, Poland, to Al Sraiya Holding Group. The value of the transaction is €56 million and the sale was recorded by Skanska Commercial Development Europe in the fourth quarter of 2016. The transaction is expected to be closed in the first quarter of 2017.

Echo Investment has agreed to sell the former Cracovia hotel building in Krakow to Poland’s Ministry of Culture. In the future, the new owner plans to use the site as a location for a gallery of design and architecture.

Echo Polska Properties (EPP) and Echo Investment concluded final agreements concerning a joint purchase and development of a mixed-use project at 22 Towarowa Street in Warsaw. The property with an area of 6.5-ha is located in a rapidly developing part of the capital city and it is the largest commercial plot in the city centre.

Panattoni Europe is developing a warehouse facility for DSV Solutions. The investment spanning nearly 25,000 sqm is being built at Panattoni Park Janki II and will be delivered to the tenant as early as the beginning of August 2017. The lease was mediated by JLL. 

As announced in October 2016, Rockcastle concluded a preliminary agreement to acquire Galeria Warmińska shopping centre in the city of Olsztyn in Poland from Galeria Warmińska Spółka z Ograniczoną Odpowiedzialnością Spółka Komandytowa. All conditions precedent have been met and the transaction was concluded effective as of 15 December 2016.

The sale of Q22 skyscraper located on al. Jana Pawła II in Warsaw has been completed and Invesco Real Estate has become the new owner of the building. Echo Investment expects that the value of the transaction based on fully let NOI and an agreed yield, after all adjustments and additional payments, shall amount to €273 million. The acquisition of Q22 is the largest investment transactions in the office market in Poland and one of the biggest in Central and Eastern Europe in 2016.

Nordea Bank AB Branch in Poland is one of the new tenants of Olivia Star, a newly constructed building of the Olivia Business Centre in Gdańsk. It leased two floors there occupying nearly 2600 sqm. Colliers International supported the Scandinavian firm in this transaction.

Warsaw’s office stock topped 5 million sqm in 2016. High growth dynamics and changing market conditions have led to inter- and intrazone tenant migration in the past two years. Building age is still central to the choice of a suitable location. Cushman & Wakefield presented its findings in a report on the future of the Warsaw office market.

An opportunity fund advised by Tristan Capital Partners, a pan-European real estate investment manager, has agreed to sell the Zakopianka Shopping Centre in Krakow, Poland, to Johannesburg-listed Echo Polska Properties for approximately €54 million.

Skanska has attained an occupancy permit for the third building of Silesia Business Park in Katowice. The office complex is one of the biggest office parks in Katowice and already has lease agreements signed for over 23,000 sqm of space.