“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.
In placing the capital of international institutional and non-institutional investors, Greenstone is focused in particular on the Polish office market. After it sold Tensor in 2022, it is now back in Tricity with the acquisition of a majority stake in FORMAT.
“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.
FORMAT, which offers nearly 16,000 sq m of modern office space, is located in a business district of Gdansk, at the border of Oliwa and Przymorze Małe. FORMAT is well served by public transport – it sits right next to PKP/SKM Oliwa railway station, providing comfortable and quick commute to work for the inhabitants of the Tricity conurbation. It has all the attributes of a class A office building. In addition to its prime location, high quality and excellent functionality, it also features architectural and technological solutions taking account of environmental aspects and allowing for building a healthy and friendly work environment for which it has been awarded LEED Platinum and “Building Without Barriers” certificates. FORMAT is leased to ERGO Technology & Services, Foundever, Mako TSL, Dr. Oetker, Assa Abloy Mercor Doors, Siemens Gamesa, Symfonia, and Finsa. Another tenant of the office building is collab, a flexible office provider operating under the Torus brand.
“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.
According to the latest figures from Cushman & Wakefield, Tricity is the third largest regional city office market in Poland after Krakow and Wrocław, although it saw no new office completions in the first quarter of 2024.
Torus is a leading Polish office developer, but its portfolio also includes hotel developments, comprising refurbishments, and warehouse and residential projects. To date, Torus has delivered more than 180,000 sq m of leasable space to the Tricity market and completed eight sales transactions of its office buildings, including FORMAT, to seven different funds.
