HB Reavis seals biggest Polish office sale of 2018 so far

HB Reavis, a real estate developer active mainly in Slovakia, Poland, the Czech Republic, Hungary, the United Kingdom and Germany, has sold its two office buildings in Warsaw. The two buildings, of almost 53,000 sq metres, form part of the Gdański Business Centre complex and have been purchased by Savills Investment Management on behalf of a global pension fund client, which now owns the entire complex. The value of the transaction exceeded 200 million euros and has been described as the largest such transaction in Poland this year.

“We are delighted to have completed another successful transaction on behalf of our client and gain control over the entire complex at Gdański Business Centre,” said Jon Crossfield, head of strategic partnerships at Savills Investment Management. “The scheme offers a unique combination of facilities and location, let at attractive rental levels with proven success amongst a wide range of first class tenants. The deal also marks another large investment into Poland, a country in which we have made significant investments totalling nearly one billion euros over the last two years.”

Completed in 2016, Gdański Business Centre is fully occupied with tenants employing some 10,000 people working at a number of well-known institutions including Aviva Group, KPMG, Nielsen, Euronet, BGŻ BNP Paribas, GE and the Court of Appeals. The first two of the four office buildings, totalling 48,000 sq metres, were sold for 186 million euros in December 2016, also to Savills Investment Management on behalf of the same client.