'Deka buys Andersia', Warsaw Business Journal
Andersia Tower has been sold to a German property-fund operator.
Von der Heyden Group has sold it's flagship project, Andersia Tower, at over Euro 80 (zł.287) million to Deka Immobilien, the largest operator of open-ended property funds in Germany. The transaction was completed in mid January and was the first such real estate deal in 2008 in Poland and the largest one ever outside of Warsaw.
At 102.1 meters, Andersia Tower is currently the highest building in Poznań and offers over 35,000 sqm of usable area, in the very center of the city. Lower levels house a four-star hotel with 171 rooms as well as retail services, a conference center and a ballroom for up to 800 people, while the upper levels are designated for class-A office space.
Negotiations with potential buyers began in September and Deka Immobilien was the only partner able to pay cash. The group's choice of buyer was made before the sub-prime crisis, and it proved to be a particularly good one. "Financing is getting more and more difficult" said Sven von der Heyden, chairman of Von der Heyden Group, adding, "it was a good decision".
The transaction generated a 5.5 percent yield, an "unusual figure for secondary cities," according to Adam Trybusz, managing director for Poznań at Von der Heyden Group. He also pointed to Andersia as an impressive example of public-private partnership, which in this case constituted the city's 15 percent non-financial contribution. The city was given certain veto rights, including over the decision as to whether the property could be sold.
The group plans to reinvest the proceeds from the sales of Andersia Tower in the real estate market in Poland. It currently has two projects in Poznań under the working names of Front Office and Andersia Silver as well as two projects in Warsaw, Nowy Świat Courtyard and Wilcza 22. It is also working on one project in Gdańsk. The group is primarily focused on hotel development and secondarily on the office sector. "The residential market is getting a bit overheated," said Sven von der Heyden.
Von der Heyden Group has sold it's flagship project, Andersia Tower, at over Euro 80 (zł.287) million to Deka Immobilien, the largest operator of open-ended property funds in Germany. The transaction was completed in mid January and was the first such real estate deal in 2008 in Poland and the largest one ever outside of Warsaw.
At 102.1 meters, Andersia Tower is currently the highest building in Poznań and offers over 35,000 sqm of usable area, in the very center of the city. Lower levels house a four-star hotel with 171 rooms as well as retail services, a conference center and a ballroom for up to 800 people, while the upper levels are designated for class-A office space.
Negotiations with potential buyers began in September and Deka Immobilien was the only partner able to pay cash. The group's choice of buyer was made before the sub-prime crisis, and it proved to be a particularly good one. "Financing is getting more and more difficult" said Sven von der Heyden, chairman of Von der Heyden Group, adding, "it was a good decision".
The transaction generated a 5.5 percent yield, an "unusual figure for secondary cities," according to Adam Trybusz, managing director for Poznań at Von der Heyden Group. He also pointed to Andersia as an impressive example of public-private partnership, which in this case constituted the city's 15 percent non-financial contribution. The city was given certain veto rights, including over the decision as to whether the property could be sold.
The group plans to reinvest the proceeds from the sales of Andersia Tower in the real estate market in Poland. It currently has two projects in Poznań under the working names of Front Office and Andersia Silver as well as two projects in Warsaw, Nowy Świat Courtyard and Wilcza 22. It is also working on one project in Gdańsk. The group is primarily focused on hotel development and secondarily on the office sector. "The residential market is getting a bit overheated," said Sven von der Heyden.
