Skanska has sold the first phase of the Spark office complex in Warsaw to a real estate fund of KGAL Investment Management GmbH & Co. KG, a leading German independent investment and asset manager. This is not only the buyer’s first acquisition with Skanska, it is also the fund’s first investment in the Polish office market.
The purchased property is a best-in-class modern office building located in Warsaw City Center West. It offers a total leasable area of around 13,000 sqm and 86 parking spaces located on two underground levels. It is already 85 percent leased to the Skanska Group and other tenants. The remaining space is subject to advanced negotiations.
“The Polish real estate market continues to attract new players such as KGAL as well as those companies which have already invested here. Newcomers are selecting safe and reliable partners who will provide them with prime products. Spark, which is also the location for Skanska’s Polish headquarters, is a guarantee of a top quality asset that offers stable returns,” commented Adrian Karczewicz, Head of Divestments at Skanska’s commercial development unit in CEE.
“We are delighted to have closed the deal on this recently completed, striking office property in a key central location of the city. Based on the appeal of the much sought-after Warsaw office market, we expect to continue our strong performance and meet increasing investment demand,” commented André Zücker, Managing Director of KGAL Investment Management GmbH & Co. KG, who is responsible for the Real Estate asset class.
Because of Connected by Skanska, a cutting-edge PropTech solution that has been implemented in this development, the property is the first fully connected building in the CEE region. The software works as an open platform integrating smart functionalities, i.e. activity based parking, with a social approach to building a community in an office complex. Not only does it integrate the smart technologies of a building, but it also connects people in the workplace. The developer invested almost €1.5 million in Spark’s advanced technology, innovation, and infrastructure.
The property is expected to receive LEED Platinum certification (Leadership in Energy & Environmental Design). It has also been built in accordance with “Building without barriers” certification guidelines, for its accessible design and inclusiveness for people with disabilities. By the end of this year, the first phase of the Spark project will be the first office project in CEE to receive WELL Building Standard certification.
During the sales process, Skanska was advised by Colliers International and Cushman & Wakefield, while KGAL was advised by Greenberg Traurig, LLP, Savills and Arcadis.