Skanska sells its Polish high-class office portfolio

Swedish real estate company Skanska has sold its office portfolio in Wrocław and Kraków to real estate funds managed by Credit Suisse Asset Management Global Real Estate

The total leasable area of the developments (Nowy Targ in Wrocław and High5ive in Kraków) is around 60,300 square metres.

“Nowy Targ and High5ive are best-in-class assets built in prime locations in Wrocław and Kraków,” said Adrian Karczewicz, head of divestment at Skanska commercial business unit in CEE. “Top office buildings in Poland aren’t just found in Warsaw, but also in other regions and cities. There is a vast variety of investments to choose from and this brings in a lot of interest from investors who are willing to invest in more than one location and further diversify their investment portfolios. We have observed that the markets in Wrocław and Kraków have become attractive for investors due to their favourable conditions and impressive scale of business development.”

The business services sector is one of the main drivers for office market development in Poland. Kraków and Wrocław are leading cities and attract companies and tenants primarily from the BPO/SSC/IT sectors. According to a recent ABSL report, approximately 307,000 people work in business services centres in Poland, with this number being expected to rise by almost another 30,000 by the first quarter of 2020.

“This portfolio of prestigious office buildings in Wrocław and Kraków is characterised by sustainable, high-quality construction and are in very attractive locations,” added Francisca Fariña Fischer, head of international real estate at Credit Suisse Asset Management. “Furthermore, Poland is a dynamic and liquid real estate market.”