TriGranit completes sales in Poland and Hungary

06
Oct
2016
News - TriGranit completes sales in Poland and Hungary #Budapest #CA Immo #Heitman #Hungary #Krakow #office #Poland #retail #Rockcastle #TriGranit

by Ákos Budai | Investment

TriGranit has completed the sale of two assets. Millennium Towers, an office complex in Budapest, has been sold to CA Immo for €175 million and Bonarka City Center, a shopping mall in Krakow has been purchased by Rockcastle. The developer will remain the property manager of both assets.

Millennium Towers
 
TriGranit and Heitman LLC have confirmed the completed sale of the Millennium Towers office complex to CA Immo. TriGranit, the developer of the asset remains property manager of the office complex.

TriGranit has sold a 70,400 sqm complex, comprised of four Class A office buildings within the Millennium City Center in Budapest, Hungary, for €175 million. The transaction is one of the largest ever office deals in the Hungarian market, by both value and gross leasable area. 

Millennium Towers was developed by TriGranit between 2006 and 2011. It serves as headquarters for several multinational companies, such as Vodafone, Morgan Stanley, Oracle, K&H Bank, Lexmark and Nestle. In 2011, an affiliate of Heitman LLC acquired a 74% share in Millennium Towers.
 
Bonarka City Center
 
TriGranit has also completed the sale of Bonarka City Center (BCC) in Krakow to Rockcastle, a property company specializing in retail centres in Central and Eastern Europe. TriGranit, which is owned by TPG Real Estate and was the developer of the popular shopping centre, will remain as the property manager for two years. In addition to managing BCC, TriGranit will remain active in Krakow and is currently developing three office buildings in the ‘Bonarka for Business’ (B4B) area.

TriGranit purchased and re-cultivated a 19 ha abandoned area in the Podgorze district in Krakow, on which BCC, which has a total area of 92,300 sqm, was opened in 2009. TriGranit developed, owned and managed the Bonarka City Center, which has become one of the most popular shopping centres in Poland, and one of the company’s flagship projects. 


Budapest CA Immo Heitman Hungary Krakow office Poland retail Rockcastle TriGranit


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New leases

  • IAG GBS Poland, the shared services arm of the International Airlines Group (IAG), has finalised a lease renewal for 2,246 sqm of office space within the O3 Business Campus in Krakow. The decision to remain in the current location followed a comprehensive market analysis and workplace audit conducted by Savills.
  • Golden Star Estate has secured two ground-floor tenants at its Warsaw-based Konstruktorska Business Center. 5 SENSES has signed as the new canteen operator, occupying 560 sqm of ground-floor retail space. Concurrently, CONTRACT Meble Biurowe has extended its commitment to the property. The firm, which has operated a publicly accessible showroom at the site since 2021, renewed its lease for 350 sqm on the ground floor.
  • American retailer GAP entered the Romanian market at Fashion House Militari, followed by the launch of an Italian Stefanel store at Fashion House Pallady, with a further Stefanel location scheduled to open shortly in Militari.

New appointments

  • Avison Young has strengthened its Polish leadership with three senior promotions. Patryk Błach ascends to Associate Director within the Investment Advisory Department. Kamil Głowienka has been named Senior Project Manager. Furthermore, Katarzyna Uzar becomes a Valuation and Innovation Specialist, tasked with integrating technological solutions and coordinating global departmental projects.
  • Katarzyna Myjak has joined Axi Immo as Senior Business Advisory Manager, tasked with strengthening the company’s Industrial & Logistics business line.
  • Czech investment group SCF has expanded its team by appointing Jan Simandl as Senior Leasing Team Leader. In this role, Simandl will oversee leasing activities across the company’s commercial property portfolio. He previously worked for CPI Property Group and CBRE.


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