Von der Heyden Group entered into a landmark transaction on the Polish real estate market and sold its flagship mixed-use development in Poznan - Andersia Tower to an internationally recognized renowned fund DEKA Immobilien.

Von der Heyden Group entered into a landmark transaction on the Polish real estate market and sold its flagship mixed-use development in Poznan - Andersia Tower to an internationally recognized renowned fund DEKA Immobilien.

DEKA Immobilien belongs to DekaBank Gorup that manages fund assets of about 17 billion euros.

With the sale of the 19 story Andersia Tower, VDHG has certainly broken a record with respect to its low capitalization rate - of 5.7% - which has never before been achieved in any city outside of Warsaw.

Although details on financial terms were not disclosed, on signing of the sale purchase agreement, Mr Sven von der Heyden, Chairman of Von der Heyden Group commented: "Irrespective of the current turbulences on the world financial markets DEKA has been brave and forward thinking to acquire this prime property from us in an all-cash transaction. The Von der Heyden Group remains closely related to the building given its involvement in IBB Hotels as the operator of the Hotel component. As always, our closest advisors of Knight Frank and Clifford Chance have greatly contributed to a smooth and professional closing".

Mr Adam Trybusz, Managing Director for Poznan, Von der Heyden Group, said: "Poland is developing and becoming increasingly attractive not just because of Warsaw's booming property market. The country's economic development is also evident in the economic growth of its regions. Secondary cities like Poznan, Wroclaw, Katowice, Krakow, Gdansk and Lodz all have plenty to offer in terms of Prime Property - international real estate which is highly sought after because of the cash flows it generates, the quality of tenants it attracts, and the urban planning of its district. I am glad that this moment has arrived. I am proud to be able to say that VDHG has played, and continues to play, a major role in the development of the City of Poznan. Those projects that VDHG has realised with the City of Poznan would make excellent case studies of how a public and private partnership can work well in practice. While this is admittedly difficult from a legislative perspective, it is not impossible provided there are clearly established goals. The watchword is transparency, from which comes mutual trust."

In the transaction, Von der Heyden Group was advised by Knight Frank Sp. z o.o., a company that also together with Von der Heyden Development contributed to the 100% leasing up of Andersia Tower.

Andersia Tower (development costs of Euro 64 mln, total development area 42.668 sqm) is a Joint Venture between Von der Heyden Group (VDHG) and the City of Poznan, located in the heart of Poznan, Poland. Andersia Tower is the tallest building in Poznan (102,1m) and the first mixed-use development with both hotel (4 star de-luxe, located on the first 9 floors of AT) and office functions (class A, upper levels). The turn-key developer's product was fully leased up while still under construction.

The office part is 100% let and houses prestigious tenants such as: Franklin Templeton Investments Poland, Ernst & Young, IKB Leasing, Pannatoni Development.

The hotel part makes the high-class 4-star hotel with 171 rooms, suites with an executive floor, presidential suite, retail outlets, restaurants, extensive conference centre and bankquet & ball rooms for up to 800 people, swimming pool, fitness club and a steam bath.