The transaction volume is EUR 285 million, which makes it the largest office sale in the history of Skanska's commercial development business unit in CEE and at the same time the largest sale in the office sector in CEE in 2021. Generation Park Y is Hansainvest Real Assets' fourth acquisition from Skanska.
Generation Park Y is a 38-story building (140 meters) of Skanska's largest office development project in Warsaw situated at Rondo Daszyńskiego (Wola District), with a total leasable area of around 88,000 sqm. The tower has a leasable area of 47,600 sqm, and 100% of its office space is leased for ten years to leading Polish insurance company PZU for its headquarters. Generation Park Y, which was completed in the first quarter of 2021, was designed and built according to ESG principles in line with environmental and social aspects. It has already received recognitions to prove this in the form of the LEED Core & Shell Platinum certificate and WELL Health-Safety Rating. Generation Park Y is also applying for WELL Core & Shell and Building without Barriers certification, according to the press release.
"Being our first skyscraper in CEE, Generation Park Y is our flagship project not only in Poland but also in the entire region. Therefore, we are happy that our asset was again chosen by our long-term business partner Hansainvest Real Assets. This new acquisition, alongside its scale on the market in 2021, confirms that the whole Generation Park project is of the highest quality and has been built according to ESG principles. This is what distinguishes our projects on the market," says Arkadiusz Rudzki, executive vice president leasing & sales at Skanska's commercial development business unit in CEE.
"Core office properties fulfilling ambitious ESG criteria continue to be sustainable long-term investments, particularly new developments in dynamic markets such as Warsaw or comparable metropolitan areas. Generation Park Y therefore fits very well into our overall acquisition strategy. We are looking forward to further diversifying our European and U.S. real estate portfolio in 2022," notes Nicholas Brinckmann, Speaker of the Board of Hansainvest Real Assets.
Adrian Karczewicz, head of divestment at Skanska's commercial development business unit in CEE, adds, "This transaction confirms that foreign capital flows to CEE regardless of the pandemic, and investors find our region attractive, thanks to A-class products and economic potential. Over the recent months, the demand for core office buildings has increased significantly in Europe. Therefore, I'm delighted that Skanska is answering this need and providing investors with core assets in this part of Europe."
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