Skanska sells Green Horizon in Łódź

Developer Skanska Property Poland has sold its Green Horizon office complex in Łódź, the firm’s first investment in the city to a fund managed by Griffin Real Estate. The value of the transaction has not been disclosed. This is Skanska’s third major divestment transaction over the past two months, following the sale of the first phase of Kapelanka 42 in Kraków and Dominikanski in Wrocław. Green Horizon was commissioned for use in Q2 of 2013 and offers some 33,000 sqm of class A office space. The complex is almost entirely leased to companies predominantly from the business services sector. Among its main tenants are Infosys BPO and Southwestern, with Infosys occupying the largest space at over 21,000 sqm. “The sale of Green Horizon illustrates the investment attractiveness of Łódź, which, until now, has been recognized by many investors as merely a second-choice city. In fact, Łódź saw the third biggest growth in employment in the business services sector in Poland over the last two years – 57 percent. This trend is likely to continue into the future,” said Krzysztof Wilczek, Regional Director at Skanska Property Poland. Skanska was advised on the transaction by Cushman & Wakefield and Dentons. Legal consultancy for the purchaser was provided by Linklaters and commercial by Colliers International.