Starwood Capital Group buys Quattro Business Park in Krakow
Starwood Capital Group, a leading global private investment firm, announced today that it has acquired, on behalf of Starwood Distressed Opportunity Fund X, Quattro Business Park in Krakow, Poland's second-largest city. Terms of the transaction were not disclosed.
The complex of four 14-story buildings totals approximately 500,000 square feet of gross leasable area and 1,128 parking spaces, all of which was completed between 2010 and 2014. The Quattro Office Park acquisition follows Starwood's purchase in August 2014 of two prime office properties in Warsaw and one building in Katowice from Ghelamco.
"We are pleased to invest in top-quality office space in a premier location within one of strongest office markets in Poland," said Keegan Viscius, Vice President at Starwood Capital Group. "We remain bullish on the country, which we believe boasts one of the fastest-growing economies in Europe. Poland has proven to be a magnet for multinational corporations attracted by its highly skilled labor force, central European location, modern infrastructure, stable political and economic environment, and cultural compatibility. Krakow is particularly well-positioned, with the highest number of professionals employed by the business services sector backed by foreign capital of any city in Poland—even ahead of the capital, Warsaw. We believe that these positive trends will persist, thus continuing to spur demand for modern office properties such as Quattro Business Park."
The complex is 97 percent occupied, with its top tenants including national and international blue-chip companies such as Capgemini, Google, Oracle, Samsung, FedEx and Citibank. All four of the buildings in Quattro Business Park feature state-of-the art amenities, including raised floors, suspended ceilings, movable partitions, glass facades that ensure optimal natural light penetration, five high-speed passenger lifts, VRV cooling and heating systems, and 500-LUX lighting. Three of the buildings received BREEAM ("Building Research Establishment Environmental Assessment Methodology") Very Good certification, while the fourth garnered BREEAM Excellent designation.
"We look forward to making additional investments in burgeoning markets such as Poland's regional cities, as Starwood Capital Group continues to expand its presence in Europe," added Mr. Viscius.
Starwood Capital Group received property advice on the transaction from CBRE, legal advice from Dentons and technical advice from Turner & Townsend. Acquisition financing was provided by Bank Pekao.