Starwood Capital finances Ghelamco Polish offices buy with €136m Helaba loan

Starwood Capital has acquired three office properties in Poland from real estate developer Ghelamco for around €192m, financed with a five-year €136m senior loan from Helaba.

helaba logoThe approximate purchase price reflects around a 70% LTV.  Starwood acquired the three office properties through Starwood Opportunity Fund IX.

Two of the properties are located in Poland’s capital Warsaw – T-Mobile Office Park and Lopuszanska Business Park – while the Katowice Business Point is located in Katowice, a major city in the Upper Silesian region.

The portfolio comprises 78,000 m² (839,585 sq ft) of gross leasable area and is currently 96% leased on a long-term basis to nationally and internationally established companies, including Pricewaterhouse Coopers, Tauron, and Żywiec, Poland’s largest beer brewer, are anchored at Katowice Business Point.

T-Mobile and Citibank are based in the T-Mobile Office Park in Warsaw, while Mokotów, Allianz Poland and Alior Bank are located at Lopuszanska Business Park.

Keegan Viscius, vice president at Starwood Capital said in a statement: “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.”

Jeroen Van der Toolen, Ghelamco’s CEE managing director, said: “I would like to congratulate Starwood Capital Group on acquiring three top-quality properties.

“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.”

Jones Lang LaSalle and Hogan Lovells advised Ghelamco on the transaction.

About CoStar News

Finance Editor, CoStar News
Gallery | This entry was posted in Banks, Private equity real estate, Refinancings and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s