Benson Elliot, the UK-based private equity real estate fund manager, on behalf of its pan- European fund, Benson Elliot Real Estate Partners IV L.P. (BEREP IV) has acquired four grade A office buildings in key Polish regional markets. The properties, secured in separate off-market transactions with four different vendors, follow the fund’s acquisition of the 350-room Warsaw Sheraton Hotel in October 2015.
The properties have all been recently delivered or refurbished to a high specification, and are situated in central locations in their respective markets. The buildings acquired are:
Opera (Gdańsk): A Class A office building completed in 2012 and located in Gdańsk, Poland’s principal seaport. The 8,290 sqm building is arranged over ground and five upper floors. Let to eight tenants, including Raiffeisen Polbank, KPMG, Lloyd’s Register and Metsa Group Services.
Vinci (Kraków): A Class A office building completed in 2010. The 20,400 sqm building is arranged over 13 floors. Let to international corporates including Akamai, Heineken, Genpact and Rolls-Royce.
Forum 76 (Łódź): A Class A office building, located on a prominent plot in the centre of Łódź. The 7,910 sqm building was completed in 2009 and is arranged over ground and six upper floors. The property is let to BNP Paribas, Bank Zachodni WBK, Airbus, Philips Lighting, Magellan and Deloitte Polska, amongst others.
Okraglak and Kwadraciak (Poznań): Two landmark, architecturally significant office buildings located in the city centre of Poznań. The buildings, totalling 7,900 sqm, are arranged over ground and nine (Okraglak) and five (Kwadraciak) upper floors. Originally completed in 1955 as the Central Department Store (designed by renowned Polish architect Marek Leykam), the buildings were later converted to office use in 2012. The buildings are let to GFT Group, PKO Bank and Bank Zachodni WBK, amongst others.
Joseph DeLeo, Benson Elliot Senior Partner, said: “Poland remains one of Europe’s strongest economies, with GDP growth averaging more than 3% over the past decade. With 75% of trade geared into the EU, the country is a principal beneficiary of Europe’s broader recovery, and continues to be a favoured destination for global outsourcing and shared services. With these four acquisitions we feel we’ve established a solid position for Benson Elliot in strong regional markets, with prime properties offering real value growth potential.”
Benson Elliot was advised by Greenberg Traurig / Hogan Lovells and JLL. Financing was provided by Bank Zachodni WBK and mBank Hipoteczny. Sharow Capital has been appointed as asset manager by Benson Elliot.