Torus has finalized the Sales & Purchase Agreement for Phase II of Alchemia office complex in Gdańsk with PHN SPV 33, a subsidiary of the Polski Holding Nieruchomości (PHN) Group. The value of the transaction was €60.6 million. Cushman & Wakefield represented the seller in the transaction. Savills represented the buyer.
Alchemia is a Class A office complex located at 409 Grunwaldzka Avenue in Gdańsk. It is one of the most modern multifunctional complexes in Tri-City, which will ultimately consist of six buildings featuring offices, ground floor retail and sports and leisure facilities. Alchemia will be delivered in four independent phases of which the second one was the subject of the transaction. The complex benefits from excellent public transport links, with numerous bus routes on its doorstep and direct access to the platform of the Fast City Train, interconnecting the whole conurbation.
Alchemia Phase II was completed in October 2015 and comprises two towers of six and eight storeys with separate reception areas and a four-storey link building. The gross leaseable area of Alchemia Phase II amounts to over 25,000 sqm. Anchor tenants are State Street (occupying an entire Titanium building), Wipro IT Services and Alexander Mann Solutions. The scheme was designed by a renowned APA Wojciechowski Architekci architectural studio and is one of a few projects in Poland to be awarded with LEED Platinum certificate.
Torus is a development company established in 2002 in Gdańsk. The company specializes in development and leasing of modern office space and investing in hotel and industrial sectors. In August 2015 Torus sold Phase I of Alchemia mix-use complex to a joint venture between a fund managed by Bluehouse Capital Advisor and an investment vehicle comprising Polish investors and managed by independent Polish fund and asset manager REINO Partners – REINO Dywidenda Plus SA. The preliminary sales agreement for Phase 2 of Alchemia with PHN was signed in November 2015.
Polski Holding Nieruchomości S.A. is one of the largest companies in the commercial real estate market in Poland in terms of the market value of its portfolio, which includes ca.140 properties with a total value of PLN 2 billion and 700 ha of land across the country. PHN’s operations are focused in Warsaw and the major regional cities, including Poznań, Wrocław and the Tri-City. The Company has long experience in the office, commercial and logistics sector, both in real estate management and investment project implementation. PHN is listed on the Warsaw Stock Exchange.
“We are very pleased to announce that after finalizing two acquisition transactions last year, we have signed an agreement on the purchase of subsequent property – ALCHEMIA II office building characterized by a very good location, high standard of offered space, and reputable tenants. In accordance with our strategy, purchasing the ALCHEMIA II office building, will enrich the Group’s property portfolio with modern commercial space,” said Maciej Jankiewicz, President of the Management Board at Polski Holding Nieruchomości S.A.
“We are very glad to close the sale transaction of Alchemia II with PHN. This is another Polish based investor who decided to invest in Tri-City office market and Torus was able to deliver the best product – in both – construction and commercial terms. The transaction shows growing importance of regional markets in Polish real estate industry with Tri-City being one of the best to invest,” said Sławomir Gajewski, President of the Management Board at Torus.
“The Closing of Phase II establishes Alchemia as the prime office benchmark in Tri-City and Torus as one of the most successful developers in that region of Poland. The Alchemia complex represents an exceptional building quality that is evidenced by its impressive tenancy,” said Soren Rodian Olsen, Partner at Cushman & Wakefield.
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