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Sale of West Station in Warsaw

CATEGORY
Investment Deal of the Year, CEE
Developed in joint-venture with PKP, the two office buildings are linked to one of Poland’s major transportation hubs, the Warszawa Zachodnia railway station that serves more than a thousand intercity and suburban trains every day. The buildings, which were completed in 2016 and 2017, are BREEAM certified with a rating of 'Excellent' and comprise a total of 69,000 sqm GLA.
Name of the deal
Sale of West Station in Warsaw
The date of closing the deal
May 2019
Value of the transaction (in EUR)
190 million EUR
Yield
N/A
Seller, plus brief information about the company
HB Reavis Group has successfully delivered 1.1 million sq m of commercial space. Our development pipeline in UK, Poland, the Czech Republic, Slovakia, Hungary and Germany currently includes 1.3 million sq m, with a planned value of 7.1 billion EUR. Ten schemes are currently under construction, with an expected leasable area totaling 460,000 sq m and value of 2.2 billion EUR. In Poland only, we have delivered 250,000 sq m of workspace so far in buildings such as Konstruktorska Business Center, Gdański Business Center, Postępu 14 and West Station, with just as much under construction including Varso Place and Forest office schemes.
Consultancy which advised Seller
On behalf of HB Reavis: JLL, Dentons, Crido; on behalf of PKP: Hogan Lovells, Deloitte
Purchaser, plus brief information about the company
Mapletree Investments, a leading real estate development, investment, capital and property management company headquartered in Singapore.
Consultancy which advised Purchaser
KPMG, Allen & Overy, JLL
Financing institution
N/A
Current occupancy level
The fully-leased West Station I & II are home to approximately fifty companies, including PKP S.A. and its subsidiaries, as well as the local branches of the world’s largest ATM manufacturer Diebold Nixdorf or the chemical industry powerhouse BASF.
Please say why this deal should be considered for the award
The transaction is among the largest such divestments finalized in Poland this year.