Ghelamco has finalized the sale of Przystanek mBank, a recently-completed build-to-suit modern office complex in the New Center of Lodz. The transaction led by companies from the Ghelamco Group included a long-term investor LCN Capital Partners and mBank. The value of the transaction is €60 million.
Companies from the Ghelamco Group signed a final sale agreement to sell shares of the company that owns the Przystanek mBank project to sale-leaseback and build-to-suit investment specialist, LCN Capital Partners, through their Luxembourg based long-term investment fund, LCN European Fund II SLP. The agreement is the finalization of the preliminary agreement concluded in April 2017 between both companies, who worked together for the benefit of mBank. The facility is a 24,000 sqm modern office complex in a traditional setting in the heart of Lodz. The Ghelamco Group companies were advised by JLL in structuring and brokering the transaction. Legal advice was provided by the international law firm Greenberg Traurig.
“The sale of Przystanek mBank is one of the largest transactions on the Polish real estate market, which took place in 2017. Its value reflects the great potential of Lodz and the growing attractiveness of this city for investors. Outside of Warsaw, it is one of the most dynamically developing office markets in Poland. Currently, our company is preparing for the implementation of two big office projects in the center of Lodz,” said Jeroen van der Toolen, Managing Director CEE, Ghelamco.
“LCN is very proud to have worked with both Ghelamco and mBank on this transaction. We look forward to our long-term relationship with mBank, one of Poland’s leading banks. The project overall, located close to the recently-redeveloped Lodz train station, shows promise for the future of Lodz and its grade A office market. We also look forward to working in partnership with Ghelamco on other potential build-to-suits,” said Edward LaPuma, Co-Founder and Managing Partner, LCN Capital Partners.
“The sale of Przystanek mBank shows the continuous liquidity of the major office markets outside Warsaw and their attractiveness to investors. A modern property, located in the very heart of the city, as part of the New Center of Lodz, hedged with a long-term lease agreement, is a very attractive investment product,” added Tomasz Puch, Head of Office and Industrial Investment at JLL.
Przystanek mBank is the first project by GhelamcoP(in cooperation with Budomal)dimplemented in Lodz and one of the most modern office buildings in the city. The complex offers approx. 24,000 sqm of office space, fully occupied by mBank Group. Signed in December 2015 for a period of 12 years, the lease agreement is one of the largest agreements on the Polish office market in recent years. The investment was completed in the fourth quarter of 2017. mBank has already started the process of moving in to its new regional headquarters.
The office complex was delivered in the very center of the city, at 74 Kilińskiego street, in the vicinity of the renovated EC1 complex and the new train station Lodz Fabryczna. In addition to the newly-built, six-floor office building, Przystanek mBank also includes a historical palace building with an annex, which was harmoniously integrated into the project. The investment also offers an underground parking lot with 180 spaces and sophisticated infrastructure for cyclists with 140 spaces for bicycles as well as other amenities (locker rooms, showers, etc.).
