December 24, 2014

Union Investment acquires Dominikański office building from Skanska

Union Investment acquires Dominikański office building from Skanska

Skanska Property Poland is selling its fourth investment in Wroclaw – Dominikański. The office complex, offering the highest amount of office space among Skanska’s investments currently being developed, will be purchased by Union Investment. The companies have already signed the agreement regarding future transaction. For Skanska, this is the second divestment contract in Q4 of 2014.

The office complex being acquired by the Hamburg-based real estate investment manager will ultimately provide 40,000 sqm of modern Class A office space. The complex’s handover to the investor is scheduled for Q4 of 2015. Dominikański, situated in the very heart of Wroclaw, is already over 50 percent leased. Among the scheme’s tenants are companies such as: HP Global Business Center occupying 16,400 sqm and Deloitte as well as PKO BP. Skanska’s local units also have their offices in the complex.

“We are glad to establish a new European partnership with a fund that is entering Polish regional cities, as these are the locations in which Skanska is currently very active. This is also our third international partner in Wroclaw, proving that the city is an important secondary real estate market in Europe. The acquisition of the 50 percent-leased Dominikański 10 months before the scheme’s completion, is a great sign of the investor’s trust in Skanska. The company’s strong track on the Polish and specifically Wroclaw market reassured Union Investment that we will deliver on what we have promised,” commented Adrian Karczewicz, Transaction Director at Skanska Commercial Development Europe.

“For us, Dominikański was a natural investment choice. It is a high quality office building in a prestigious location that meet the needs of large tenants. The potential of Polish regional cities is becoming increasingly recognized in Central-Eastern Europe, which is due in no small part to developers such as Skanska Property Poland,” commented Philipp La Pierre, Head of Investment Management Europe at Union Investment. Outside of Warsaw Union Investment is already holding assets in Katowice, Krakow and Lodz totalling some €600 million.

Skanska Property Poland was advised on the transaction by Colliers International consulting agency. Legal consultancy for the developer was provided by Dentons. JLL represented the buyer Union Investment in the transaction.

Dominikański is LEED Gold pre-certified. This means that the complex will reduce energy and water consumption by 19 percent and 40 percent respectively when compared to reference buildings. An interesting feature of the building is that it combines modernity with history. On the plot purchased by Skanska stands the historic Oppersdorf Palace that, after revitalization, will become an integral part of the office complex.

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