Private equity fund Greenstone has acquired an almost 80% stake in a special purpose vehicle owning the FORMAT office building in Gdansk in what is the first big-ticket office transaction in Poland’s regional cities since 2022. The vendor was Torus, a leading commercial property developer, which was advised during the transaction process by global real estate services firm Cushman & Wakefield and law firm Greenberg Traurig. The buyer was advised by LegalKraft and Trebbi.
There is no denying that that current situation on the office market differs a lot from that a few years ago. While a post-covid correction continues, history shows that high quality projects are always on the winning side and can positively stimulate the market. Although FORMAT was built and commercialised in a pandemic and post-pandemic environment, it was 100% let and has now found a buyer. We are particularly delighted that it is the first time in the history of our company that we have sold an office building that enjoys full occupancy,
says Sławomir Gajewski, CEO, Torus.
Greenstone has been investing on the Tricity office market since 2017, generating outstanding returns for its clients. We are pleased that we can continue our investment journey with the acquisition of FORMAT, whose key advantages include a strategic location in Gdansk and an unparallelled finish quality,
says Marcin Gajewski, Partner, Greenstone.
We also appreciate its unique tenant-mix. With our key tenant being ERGO Technology & Services, a subsidiary of Munich Re -one of the largest European reinsurers with a rating affirmed by Fitch at AA, Greenstone’s latest investment is very attractive and will allow us to continue to generate high returns for our investors,
adds Stephane Chauvel, Partner, Greenstone.
No wonder the first large regional city office transaction after an extended period of muted investment activity was finalised by this developer in this location. Oliwa is Tricity’s main business hub, although other locations along the SKM railway line are also quite popular. Torus has repeatedly demonstrated the high quality of its projects and has accordingly earned the trust of Greenstone, which is very careful about building its asset portfolio. This transaction confirms that many interesting opportunities have opened up for private investors and private equity funds, which may also encourage other global capital market players to step up investment activity,
explains Marcin Kocerba, Partner, Capital Markets, Cushman & Wakefield Poland.