Starwood Capital Group, a global private investment firm headquartered in the United States, announced on Wednesday that it has acquired, on behalf of Starwood Distressed Opportunity Fund IX, a portfolio of three prime office properties in Poland from real estate developer Ghelamco. The collection includes Katowice Business Point.
At the beginning of August, the buyer obtained the approval for the transaction from the Office of Competition and Consumer Protection (UOKiK). Apart from KBP, Starwood purchased two office properties in Warsaw. The Katowice building comprises 17 000 sq. meters of leasable space over 11 storeys and 200 parking places in the underground car park. The facility was built in 2010 and features nine-foot ceilings, central air conditioning and the BREEAM (Building Research Establishment Environmental Assessment Methodology) certification. KBP is located at 3 Ściegiennego St. and houses offices of PwC, Tauron and Żywiec (Poland’s largest beer brewer, controlled by Heineken), among others.
„We believe that these properties are well-positioned to benefit from the persistent strengthening of Poland, one of Europe’s fastest-growing economies” – said Keegan Viscius, Vice President at Starwood Capital Group. „Improving business confidence and easing credit conditions are likely to support an increase in investment in Poland, and labor market conditions, already strong, should also continue to improve. Domestic companies are profiting from these positive economic trends, while multinational corporations are attracted by the country’s highly skilled workforce, central European location, modern infrastructure, stable political environment and vibrant culture. All of these factors should spur demand for modern, high-quality office space.”
German bank Helaba arranged the financing, acting as sole lender on this transaction, while Dentons, CBRE and Arcadis advised Starwood Capital Group. Terms of the transaction were not disclosed.
Starwood Capital Group is a private investment firm with a core focus on global real estate. Headquartered in Greenwich, Connecticut, the firm maintains 12 offices in six countries around the world. Starwood Capital Group has raised nearly USD 25 billion of equity capital since its inception in 1991, and currently manages USD 36 billion in assets.