Private equity fund Greenstone has acquired an almost 80% stake in a special purpose vehicle owning the Format office building in Gdańsk. The vendor was Torus, which was advised during the transaction process by global real estate services firm Cushman & Wakefield and law firm Greenberg Traurig. The buyer was advised by LegalKraft and Trebbi. The price has not been disclosed.
"There is no denying that the current situation in the office market differs a lot from that a few years ago. While a post-COVID correction continues, history shows that high-quality projects are always on the winning side and can positively stimulate the market. Although Format was built and commercialised in a pandemic and post-pandemic environment, it was 100% let and has now found a buyer. We are particularly delighted that it is the first time in the history of our company that we have sold an office building that enjoys full occupancy", says Sławomir Gajewski, CEO, Torus.
In placing the capital of international institutional and non-institutional investors, Greenstone is focused in particular on the Polish office market. After it sold Tensor in 2022, it is now back in Tricity with the acquisition of a majority stake in Format.
"Greenstone has been investing in the Tricity office market since 2017, generating outstanding returns for its clients. We are pleased that we can continue our investment journey with the acquisition of Format, whose key advantages include a strategic location in Gdańsk and an unparalleled finish quality", says Marcin Gajewski, Partner, Greenstone.
"We also appreciate its unique tenant mix. With our key tenant being ERGO Technology & Services, a subsidiary of Munich Re -one of the largest European reinsurers with a rating affirmed by Fitch at AA, Greenstone’s latest investment is very attractive and will allow us to continue to generate high returns for our investors", adds Stephane Chauvel, Partner, Greenstone.
Format, which offers nearly 16,000 sqm of office space, is located in a business district of Gdańsk, at the border of Oliwa and Przymorze Małe. It is well served by public transport – it sits right next to PKP/SKM Oliwa railway station, providing a quick commute to work for the inhabitants of the Tricity conurbation. It has all the attributes of a class-A office building and it has been awarded LEED Platinum and “Building Without Barriers” certificates. Format is leased to ERGO Technology & Services, Foundever, Mako TSL, Dr. Oetker, Assa Abloy Mercor Doors, Siemens Gamesa, Symfonia, and Finsa. Another tenant of the office building is collab, a flexible office provider operating under the Torus brand.
