The Garvest Real Estate fund has finalized the sale transaction of the Pixel office building in Poznań. The scheme was purchased by GTC for €32.2 million. Experts from JLL and CMS Cameron McKenna advised the vendor on the transaction, while Hogan Lovells advised the buyer.
Pixel was commissioned for use in 2013 and offers 14,500 sqm of office space on seven floors above ground. The advantage of its location (at 182 Grunwaldzka Street in Poznań) is convenient access to A2 motorway, Ławica airport and public transportation. The building is entirely leased by Grupa Allegro. Furthermore, Jadłodajnia, a restaurant that is very popular among Poznan’s residents, is located on the scheme’s ground floor.
Pixel was designed by the well-known JEMS Architekci studio and is one of the most recognizable office buildings in Poznań. Due to its unique shape and elevation consisting of two-floor loggias, it was awarded numerous prestigious prizes including the Giovanni Battista di Quadro Award.
Sławomir Jędrzejewski, National Director, Office and Industrial Investment at JLL Poland, commented: “The sale of the Pixel office building is the second investment transaction in 2016 and the fourth in the last 12 months concluded on the office market in Poznań. Investor activity is encouraged by the availability of high-quality projects secured with institutional lease agreements and the higher yields compared to Warsaw, Kraków or Wrocław. Our research shows that activity among investors on this market will be maintained throughout 2016 and we can expect further office investment transactions in Poznań in the upcoming months.”
Office schemes such as Pixel, Okrąglak, Andersia Business Centre and Malta House have changed hands in Poznań over the last 12 months.