Prime Holdings Group has completed the sale of its 100 percent interest in the Łódź 1 project in Poland. In October, the company also finalised the sale of the Science Park office complex in Budapest, Hungary. The total value of both transactions exceeds €60 million.
The Łódź 1 project is a building located on Piłsudskiego Street, near the iconic Piotrkowska Street in the centre of Łódź. The buyer is a local investment group – Domena s.k.a.
The property comprises an office complex of 6,400 sqm GLA, situated on a land plot of over 10,000 sqm. During the holding period, Prime obtained several urban planning approvals that allowed for a substantial expansion of the project to approximately 45,000 sqm of mixed-use space, including a residential area. Its prime location and large site area provided the foundation for securing key planning approvals that unlocked significant future value.
Roy Linden, Partner and Co-Founder at Prime Holdings, said: “Łódź 1 is a flagship example that showcases Prime’s investment strategy and how we operate in the market. We focus on assets that enable us to define and efficiently execute our development strategy, typically over a five-year horizon. By targeting properties where we can leverage our expertise to unlock potential and significantly increase value over the investment cycle, we create opportunities for long-term growth. This often involves repositioning or converting commercial assets to align them with current market dynamics and the distinctive character of each location. We have a strong conviction in the CEE region and are actively seeking suitable investment opportunities in Poland, the Czech Republic, and Hungary to reinvest or deploy capital.”
Last month, Prime also completed the sale of the Science Park office complex in Budapest’s 11th district, an asset held in a joint venture partnership with a leading global institutional investor. With a total area of over 30,000 sqm GLA, this was one of the largest office market transactions in Hungary this year.
During the holding period, occupancy at Science Park increased to over 80 percent, and major CAPEX investments were carried out to improve the building’s energy performance (EPC rating).
The total transaction value of the assets in Łódź and Budapest exceeds €60 million.
