Introducing a new strategy aimed at expand its income-generating portfolio, the Polish Real Estate Holding (PHN) took over Andersia Business Center from Von der Heyden Group. The value of the transaction was agreed to be kept confidential, but the seller revealed that it took six month to finalize the deal. The new owner also took over the debt under the project, provided by Bank Zachodni. Located in the Poznań city center, Andersia is fully leased. Von der Heyden secured LEED certification for the project in March.
“The transaction is a part of wider strategy to expand income-generating assets within our portfolio,” said Włodzimierz Stasiak, a PHN board member. Adam Trybusz, president of Andersia Business Centre, added that the takeover is a sign of where the Polish real estate market is going, making an outlook for the sector highly optimistic. “The market has been waiting for a key domestic player for years, which is now becoming a reality,” he said.
In effort to increase the value of its portfolio, PHN said last year it’s increasing its investment activity, including both development and acquisitions of existing assets. The news came after the Warsaw Stock Exchange-listed holding was put on the market, but the price was reportedly to high to attract a buyer. “Poland’s Treasury remains interested in selling out the holding. Therefore, our goal is to help acquire an optimal price for the portfolio,” said Józef Banach, president of PHN’s supervisory board.
PHN wants to increase the value of its portfolio by as much as 75 percent by 2023 with a particular focus in the office and residential sectors. The company has earmarked nearly PLN 1bn for office acquisitions. “Our goal is to expand our office portfolio with projects providing stable income, for which we’ll also be providing property management in the long-term,” said Stasiak, adding that the company has already initiated talks on new acquisitions, mainly in Poland’s regional cities.
