EURO STYL sells BPH Office Park in Gdansk
The Tri-City developer, EURO STYL, has sold the BPH Office Park in Gdansk. The project was purchased by GNT Gdansk - a company with Irish capital – for an undisclosed amount. JLL advised EURO STYL in this transaction.
BPH Office Park is situated in the Jasień district of Gdańsk, 10 kilometers west of the city centre. This modern office complex consists of three buildings A, B & C, with a total leasable space of almost 20,000 sqm. Buildings A & B were completed in July 2013, while building C was brought to the market in January 2014. The A-class complex is 100 percent leased to Bank BPH S.A. (GE Capital Group) on a longterm lease agreement.
The project was brought to market by EURO STYL, one of the largest and fastest growing developers in the region, with a track record of completed residential projects, totalling over 180,000 sqm, as well as commercial projects.
Mikołaj Konopka, Vice President, EURO STYL, commented: “After numerous successful residential projects, we are delighted to have completed our first sales transaction in the commercial real estate sector. The office market is a segment where EURO STYL continues to expand its presence; with the Tensor building in Gdynia and the C200 Office project in Gdańsk under construction and more schemes planned. This sales transaction confirms that the company's strategy is proving to be most effective.”
Rafał Kosoń, Associate Director, Capital Markets JLL, added: “We are glad to have had the opportunity to advise EURO STYL in this transaction. The sale of BPH Office Park demonstrates burgeoning investor interest and the increasing liquidity of modern office assets in major markets outside Warsaw. After significant investment transactions in Kraków and Wrocław, it is now prime products in Tri-City - Poland's fourth largest office market - that have come onto the investors' radar.”