Pan-European real estate investment manager Deka Immobilien has acquired the Generation Park Z office building in Warsaw from developer Skanska for €98 mln.
The asset forms part of the Generation Park office scheme in Warsaw city centre, a three-building complex comprising some 87,000 m2. Generation Park Z covers 19,000 m2 and is fully leased to Vistra and Crido, among others. It includes 110 underground parking places for cars and storage for 102 bikes with changing room facilities.
'Generation Park Z is located in the most desirable and fastest growing Warsaw city centre destination in recent years,' said Adrian Karczewicz, head of divestments at Skanska's commercial development business unit in the CEE.
'The demand for prime office buildings in this location is extremely high, that’s why we are happy to meet the needs of investors and tenants by delivering our innovative and futureproof workplaces there. We are pleased that Deka has once again chosen one of our buildings,' Karczewicz added.
Development activity in Warsaw has remained strong in recent years. In 2019, seventeen new buildings were delivered with a total volume of 162,000 m2 and Generation Park Z was one of the three largest office developments among them, according to JLL.
Generation Park Z has been Leed Platinum pre-certified and is applying for Well certification. It will also apply for the Building without Barriers certificate, a mark of how well a building is adapted to the needs of people with disabilities and with children.
The deal marks Deka's fourth acquisition with Skanska in Central and Eastern Europe.