Ghelamco sells three office properties to Starwood Capital Group
In what marks one of the biggest office transactions of the year in the dynamically developing Polish real estate market, Ghelamco, a leading office developer in the CEE region has finalized the sale of three major office projects to a controlled affiliate of leading global private investment firm Starwood Capital Group. Terms of the transaction were not disclosed.
The unprecedented sale of three office investments by Ghelamco demonstrates the growing dynamism of Polish real estate market and its increasing significance for global investors as well as the leading position of Ghelamco in the region.
“I would like to congratulate Starwood Capital Group on acquiring three top-quality properties,” said Jeroen Van der Toolen, Ghelamco’s Managing Director, CEE. “This transaction reinforces the value of our projects as investment products, as well as the leading role of Ghelamco in the Polish real estate market. This also marks the first time that we have sold three of our buildings in one transaction. Funds from the sale will be invested in new office, retail and residential projects.”
Keegan Viscius, Vice President at Starwood Capital Group, said: “We believe that these properties are well-positioned to benefit from the continued strengthening of Poland, one of Europe’s fastest-growing economies. This transaction highlights Starwood Capital Group’s expanding presence in Europe, as well as our ability to opportunistically invest in markets that we believe are poised to capitalize upon a prolonged recovery across the region.”
The three properties comprise 78,000 sqm of total office space. T-Mobile Office Park and Łopuszańska Business Park, both completed in May 2013, are conveniently located within the business areas of Warsaw’s Mokotów and Włochy, while Katowice Business Point, constructed in 2010, is situated in the very center of Katowice. The buildings have already been a commercial success, as they are almost 100 percent leased to prominent tenants including T-Mobile, Citibank, Allianz, Alior Bank, Tauron, PwC and Żywiec.
The projects are also distinguished by sustainable solutions, as all are certified in BREEAM (Building Research Establishment Environmental Assessment Methodology). T-Mobile Office Park was the first building in Poland to obtain the BREEAM Excellent certification - one of the factors that helped the property receive several prestigious awards, such as Green Building of the Year in Central and Eastern Europe for 2013, Green Building of the Year in Poland for 2013 and the Essa Green Award.
JLL and Hogan Lovells advised Ghelamco on the transaction.