Vastint sells the buildings of Business Garden Wroclaw
Vastint Poland has sold three Business Garden office buildings in Wroclaw. The property was purchased by the Philippine fund ISOC Group. The transaction value amounted to over EUR 95 million.
The three office buildings included in the transaction were completed in 2016 as part of the first stage of the investment. The total property area is 38,575 m2 and includes an office component with a rental area of 37 468 m2. The facility has a prestigious LEED Platinum certificate. The property located at Legnicka Street, adjacent to the Magnolia shopping and entertainment centre and the Mikołajow railway station is 100% leased. Tenants include companies such as Becton Dickinson, Capgemini, Dolby Laboratories or Ceneo.
Roger Andersson, Managing Director of Vastint Poland says, "The transaction proves the attractiveness of Polish regional cities, which offer assets with excellent potential in the context of value growth, income or exposure on the Polish real estate market. It is also a market confirmation of the high quality of the Business Garden project."
Michael Cosiquien, Chairman, the ISOC Group says, "This acquisition reaffirms our full commitment towards expansion not only in our home market but also in Europe. It is a proof of our big appreciation of Poland's enviable investment climate and growth potential, its thrust towards sustainability, and the abundance of a highly educated and productive workforce. ISOC Group is proud to be part of Business Garden, Wroclaw and its world-class standards."
Piotr Zamkotowicz, Partner of Augusta Cracovia, advisor and ISOC representative in Poland comments, "Our acquisition criteria consider not only highest quality of the property, but also project scale and location, that provides great service and growth potential to our tenants".
Business Garden is an innovative office complex that will ultimately consist of nine office and service buildings with a total area of over 110,000 m2. The element distinguishing the investment is a large, open garden, available to employees and residents of the city. In the relaxation zones created in the garden, tenants can rest and take part in outdoor sports activities. The complex also offers infrastructure for cyclists and a range of amenities for tenants. In addition to the restaurant pavilion located in the central part of the garden, and along with the opening of the second stage of the complex, additional service points will appear, including a new canteen, cafe, fitness club, medical facility and kindergarten. By the end of this year, Vastint Poland is planning to commission the second phase of the project including another six office buildings with
a leasable area of 76,000 m2.
In the sales process, Vastint Poland used the consulting services of Magnusson and Colliers International, while the ISOC Group, represented in Poland by Augusta Cracovia, was advised by Cushman and Wakefield and the international law firm Hogan Lovells. HSBC Bank provided financing.