Greenstone Asset Management, acting on behalf of EuroEast B.V., has announced the sale of the Tensor Office Park in Gdynia to a JV managed by the Czech fund INVESTIKA realitní fond and Bud Holdings. The value of the transaction remains undisclosed.
The Tensor Office Park, located in Gdynia Redłowo, comprises three modern buildings X, Y and Z, with a combined area of approximately 20,075 sq m. In addition to offices, the complex also features an internal public space serving as a green breakout zone. The Tensor Office Park is now 100% let.
“We are delighted with the outcome of our investment, which has confirmed the high quality of management provided by Greenstone Asset Management for the Tensor complex. Due to the exceptional quality and prime location of our facility, we have increased rental income despite a particularly difficult period for office buildings. Greenstone AM's local team, which manages the assets on behalf of the investors we represent, has done an outstanding job, resulting in maintaining near 100% occupancy throughout the investment period. The investment generated an IRR of approximately 18%.
“The Polish real estate market offers a wide range of interesting investment opportunities and Tensor is indeed one of them. It matches our investment criteria being a superb, fully occupied A-class office building in a great location, with unique WAULT and imaginative architecture. We strongly believe that Tensor, as our fifth Polish property, is the right asset for our fund. Our portfolio consists of already more than 30 commercial buildings and projects in four different European countries. This latest acquisition shall further improve geographical asset diversification”, stated Václav Kovář, the portfolio manager of the INVESTIKA real estate fund.
Cushman & Wakefield’s team led by Marcin Kocerba assisted the vendor in its search for an investor.
“This transaction is ideal evidence of the attractiveness and strength of the Polish office market and, above all, a confirmation that through strategic asset selection and implementation of a well-thought business plan, above-average profits can be achieved even on Core assets. I would like to congratulate Greenstone Asset Management on the successful exit and the purchasers – INVESTIKA real estate fund and Bud Holdings – on the acquisition of the highest quality office buildings and further expansion in the Polish market”, says Marcin Kocerba, Partner, Capital Markets, Cushman & Wakefield.
The parties agreed not to disclose the value of the transaction.
