The seller was advised in the Szczecin transaction by international firm Cushman & Wakefield and law firm LegalKraft. On Arkéa REIM's side, Sienna Investment Managers, Syrena Real Estate and Dentons law firm were involved.
"We are pleased with the finalization of the sale of our building to SCPI Transitions Europe, a French institutional fund managed by Arkéa REIM, seeking safe assets with a strong investment rating. We have been retained as asset manager of the project," reports Stephane Chauvel, partner at Greenstone.
Lastadia is Greenstone's second successful office project exit, following the sale of the Tensor office building in 2022. "During the five-year period that this building was in our portfolio, we were able to significantly increase WAULT and average rent, which allowed us to generate an exceptional return for our investors," adds Marcin Gajewski, partner at Greenstone.
Lastadia Office offers more than 12,600 sqm of space on six floors. The complex also includes about 260 parking spaces at the rear of the building and on an adjacent plot, which was also sold. The building, completed in 2013, was awarded a BREEAM certificate of Very Good. The first floor includes a food court, a grocery store and a package store, and there are numerous cafes and restaurants along the river.
The location, the high standard of the building, long-term leases with reputable tenants and the low level of supply of similar space in Szczecin contributed to the success of Lastadia Office's commercialization. Tenants include e.ON, home.pl and mBank, among others. "These factors, combined with the attractiveness of Szczecin as a northwestern port city attracting international business to Poland, led to the interest of such a reputable entity as Arkéa REIM, on behalf of SCPI Transitions Europe, to invest in Lastadia Office," explains Marcin Kocerba, partner in the Capital Markets Department at Cushman & Wakefield in Poland.
Arkéa Real Estate Investment Management, a subsidiary of Crédit Mutuel Arkéa, specializes in managing real estate funds in several European markets, offering expertise in commercial and residential real estate investments.
"This first acquisition in Poland, in Szczecin, 150 km from Berlin, allows us to build a foothold in an undersupplied market with historically low vacancy rates and solid fundamentals, as well as numerous infrastructure projects partially financed by the European Investment Bank. The asset will generate a particularly attractive return thanks to lease risk shared among more than 30 tenants, with an average lease term of six years," explains Abdelkader Guennioui, fund manager at Arkéa REIM.
Greenstone, a boutique investment and asset management firm, has been active in the market since 2017. To date, it has invested more than €100 million in Polish real estate, achieving results that exceed expectations even in the current challenging market. The fund focuses on the office sector, placing capital from international private and institutional investors.
