Warsaw, Poland

Skanska Property Poland, the Polish real estate development business of Skanska AB, today anounced the sale of Marynarska Point, a two-building, 27,000-square-meter, Class A office complex in Warsaw, Poland to the Luxembourg based closed-end real estate fund Investec GLL Global Special Opportunities Fund FCP. The purchase price of approximately EUR 70.8 million (USD 102 million) reflects a capital value of EUR 2,600 per square meter.

The transaction took eight months to complete. Colliers International represented Skanska as exclusive agent in the sale. German bank Helaba provided the purchaser with senior financing for the acquisition.

"We are delighted to sell Marynarska Point. The buyer has acquired a great property and we appreciated their collaborative approach to the transaction," said Nicklas Lindberg, President of Skanska Property Poland. "With the successful disposition of Deloitte House in June and now Marynarska Point, we will be increasing our development activities in Poland."

Located at the northeast corner of the intersection of Marynarska and Postepu Streets in the heart of the Mokotow District, a neighborhood in close proximity to Warsaw’s international airport, Marynarska Point is 100 percent leased. Tenants include premier international companies from the banking, insurance, consulting, engineering and telecommunication sectors, including Bank DnB Nord, Generali, AC Nielsen, ILF Consulting Engineers and BZ WBK Bank.

The property also includes two parking garages totaling 430 parking spaces on three underground levels, and 20 surface parking spaces.  Marynarska Point is also just the second building in Poland to obtain EU Green Building status. The property’s energy requirements are 31 percent lower than the stipulated Polish standard. 

"The sale of Marynarska Point is a milestone investment transaction in Poland as it represents the first major transaction to originate and close since the collapse of Lehman Brothers,” said Neil Gregory-Eaves, Director of Central & Eastern Europe (CEE) at Colliers International, who represented Skanska.

Clifford Chance provided legal services to the seller. Colliers and Clifford Chance comprised the transaction team for Skanska in the EUR 117 mln sale of Deloitte House to Deka earlier in 2009. Salans provided legal services to the buyer in this new transaction.

"Several major assets in Poland are currently in due diligence and we expect transaction activity to accelerate in the coming months and this market will most certainly out-pace the rest of CEE for the near term,” Gregory-Eaves added. “Poland's macroeconomic dynamics are healthy and the national economy continues to expand.” He explained that Poland has a unique combination of an economic stimulus package in the form of EU infrastructure funding of tens of billions of euros allocated for investment throughout the country over the next three years, plus the stabilizing influence of the state's remaining ownership position in the economy which includes equity stakes in some of the country's largest banks.

Analysts also point to Poland benefiting from low debt levels per capita in an economy that is well balanced between exports and domestic consumption. The Polish economy is expected to be the best performing amongst the EU27 in 2009 with over 1.0 percent GDP growth, and with 2.0 percent GDP growth widely anticipated for 2010.

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About Skanska Property Poland

Skanska Property Poland is one of Poland’s leading commercial developers, and has been in operation as an important affiliate and member of the Skanska AB Group since the early  1990’s. Skanska Property Poland’s parent company, The Skanska Group, is one of the world’s leading construction groups with expertise in construction, development of commercial and residential projects, and public-private partnerships. The Group currently has 58,000 employees throughout Europe, the United States and Latin America.

Skanska is headquartered in Stockholm and listed on the Stockholm Stock Exchange. Skanska Commercial Development Europe is one out of the many business units within Skanska. The company’s mission is to initiate and develop real estate projects such as office buildings and logistical facilities, with the focus of operations in Czech Republic, Hungary and Poland. Skanska Commercial Development Europe is divided into Skanska PropertyCzech Republic, Skanska Property Hungary and Skanska Property Poland. Visit the company online at www.skanska.com.

About Colliers International

Colliers Macaulay Nicolls Inc. (CMN) operating as Colliers International is a leading global real estate services company that provides a full range of services to real estate users, owners and investors worldwide. Colliers operates in over 290 offices in more than 60 countries.  Services include brokerage, property management, hotel investment sales and consulting, corporate services, valuation, consulting and appraisal services, mortgage banking and research.  Colliers International is a worldwide affiliation of independently owned and operated companies. Locally, Colliers professionals serve clients throughout Colliers International Poland, incorporated in 1997. Find out more at www.colliers.com/markets/warsaw. 

Contact Information

Tatiana Kałużniacka
PR Manager
tatiana.kaluzniacka@colliers.pl
Tel. +48 22 331 78 00

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