'Von der Heyden Group sells Andersia Tower' Estates News
Von der Heyden Development, the service consultancy arm of Von der Heyden Group (VDHG), have announced that they have entered into a landmark transaction on the Polish real estate market and sold Andersia Tower, their flagship mixed-use development in Poznan, to DEKA Immobilien.
With the sale of the 19-storey Andersia Tower as the top class A building in Poznan, its prestigious tenants and the quality of the offices and the Hotel component managed by IBB Hotels, VDHG has broken a record in respect to its low capitalisation rate, which has never before been achieved in any Polish city outside of Warsaw.
Although details on financial terms were not disclosed, on signing of the sale purchase agreement, Sven von der Heyden, Chairman of VDHG, 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 our involvement in IBB Hotels as the operator of the Hotel component. We are proud to have closed this sale to DEKA and we want to wish this great investment fund all the luck for the future. As always, our closest advisors of Knight Frank and Clifford Chance have greatly contributed to a smooth and professional closing."
Adam Trybusz, Managing Director for Poznan, VDHG, 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, VDHG was advised by Knight Frank Sp. z o.o., a company that also together with Von der Heyden Development contributed to the 100 percent leasing up of Andersia Tower. Piotr Gorecki, representing Knight Frank, said: "The hotel and mixed-use hotel-office development transactions are rarely seen on the Polish market due to the limited supply of good quality products. Therefore available investment opportunities are very attractive for international investors. The success of the commercial development depends, however mostly on three elements: its location, quality of the building and the market strength of the tenants. Andersia Tower has it all: Poznan, Pl. Andersa, the developer experienced in top quality commercial buildings and renown, reputable companies occupying its space. This elements place Andersia Tower among of the most unique investment products in Central Europe."
With the sale of the 19-storey Andersia Tower as the top class A building in Poznan, its prestigious tenants and the quality of the offices and the Hotel component managed by IBB Hotels, VDHG has broken a record in respect to its low capitalisation rate, which has never before been achieved in any Polish city outside of Warsaw.
Although details on financial terms were not disclosed, on signing of the sale purchase agreement, Sven von der Heyden, Chairman of VDHG, 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 our involvement in IBB Hotels as the operator of the Hotel component. We are proud to have closed this sale to DEKA and we want to wish this great investment fund all the luck for the future. As always, our closest advisors of Knight Frank and Clifford Chance have greatly contributed to a smooth and professional closing."
Adam Trybusz, Managing Director for Poznan, VDHG, 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, VDHG was advised by Knight Frank Sp. z o.o., a company that also together with Von der Heyden Development contributed to the 100 percent leasing up of Andersia Tower. Piotr Gorecki, representing Knight Frank, said: "The hotel and mixed-use hotel-office development transactions are rarely seen on the Polish market due to the limited supply of good quality products. Therefore available investment opportunities are very attractive for international investors. The success of the commercial development depends, however mostly on three elements: its location, quality of the building and the market strength of the tenants. Andersia Tower has it all: Poznan, Pl. Andersa, the developer experienced in top quality commercial buildings and renown, reputable companies occupying its space. This elements place Andersia Tower among of the most unique investment products in Central Europe."
