Dentons advises Skanska on Green Horizon sale in Łódź, Poland
Dentons Real Estate team acted as legal counsel to Skanska Property Poland on the sale of its 2-building office complex Green Horizon in Łódź, Poland’s third largest city, to a fund managed by Griffin Real Estate. The preliminary sale agreement was signed in late December 2014.
Placed in service in the second quarter of 2013, Green Horizon is Skanska’s first investment in Łódź, offering ca. 33,000 sqm (GLA) of modern office space. It is the only Class A building completed in the city in 2012 to be granted a LEED Gold certificate. Energy efficient lighting and air conditioning systems, together with smart use of cool air from the outside to lower temperature in the offices, result in significantly lower energy requirements. The complex is almost entirely leased to corporate tenants, predominantly from the business services sector.
Łódź is strategically located in the centre of Poland and at the intersection of communication routes from the west to the east and from the north to the south of Europe. With numerous cinemas, theatres, concert halls and the best film school in Poland, the city is an important cultural hub.
Paweł Dębowski, Chair of the firm’s European Real Estate Group, said: “In late 2014 early 2015 Dentons had the pleasure of advising Skanska on their three office investments across Poland, namely the sale of Kapelanka 42 in Kraków, Dominikanski in Wrocław and now Green Horizon in Łódź. These transactions clearly demonstrate international investors’ growing interest in Poland’s regional cities and I’m sure we’ll see strong property market activity continue there throughout the year.”