Greenstone acquires majority stake in Gdansk office

Private equity fund Greenstone has acquired an almost 80% stake in a special purpose vehicle which owns the Format office building in Polish city Gdansk.

The stake has been sold by Gdansk-based property developer Torus and is thought to be the first big-ticket office transaction in Poland’s regional cities since 2022.

Format, located at the border of Oliwa and Przymorze Małe districts and completed in 2022, has nearly 16,000 sq m of modern office space which has been awarded LEED Platinum and Building Without Barriers certificates. The building’s tenants include Munich Re subsidiary Ergo Technology & Services, Foundever, Mako TSL, Dr Oetker, Assa Abloy Mercor Doors, Siemens Gamesa, Symfonia, and Finsa. Part of the building is operated as a flexible office by Collab, which is a Torus brand.

According to the latest figures from Cushman & Wakefield, Tricity, of which Gdansk is part, 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 CEO Sławomir Gajewski said: “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.”

Torus was advised by Cushman & Wakefield and law firm Greenberg Traurig. The buyer was advised by LegalKraft and Trebbi.