Summus Capital, a real estate investment group rapidly expanding from the Baltics to Poland, acquired The Park Krakow, a newly developed and fully leased office complex, from White Star Real Estate and Cain.
Summus acquired the development for €48 million. The office complex is leased to a diversified tenant base. The property’s weighted average unexpired lease term (WAULT) stands at slightly over 6 years.
“This transaction significantly strengthens our Polish office portfolio, adding tenants with a strong focus on the local Polish market. With this acquisition, we continue our strategy in this segment of acquiring prime assets with prime tenants in well-connected locations close to central business districts, delivering higher yields. The area is rapidly developing, highly visible and easily accessible by all modes of transport,” commented Hannes Pihl, Head of Investments and Member of the Management Board of Summus Capital.
The acquisition increases Poland’s share in Summus Capital’s portfolio from 38% to approximately 43%, with the Group’s total real estate portfolio market value reaching €630 million.
“The sale of The Park Krakow marks an important milestone following the successful delivery and stabilisation of the first phase of the project. We have created a high-quality office destination with a strong and diversified tenant base, long-term lease commitments and institutional-grade financing, making this a natural point in the asset’s lifecycle for a long-term investor to take ownership. The transaction validates the quality of the project, the strength of the occupier market in Kraków and the long-term value created through our development and asset management strategy,” said Bartosz Prytuła, Managing Partner, Poland at White Star Real Estate.
Developed by White Star Real Estate and Cain, the office asset combines strong ESG credentials with modern workplace standards. The project has been awarded BREEAM Excellent certification and incorporates a range of energy-efficient solutions, including rooftop solar panels, electric vehicle charging infrastructure and modern building systems supporting the efficient operation of the property.
Penteris advised the buyer on the transaction. On the seller’s side, Clyde & Co acted as legal advisor, Crido provided tax advisory services, and Cushman & Wakefield advised on the investment sale process. Erste Group Bank AG served as the lender in the transaction.
