Kingstone Real Estate has advised on and supported the acquisition of an office high-rise in Gdańsk by the Austrian Strabag Group, acting as transaction advisor and coordinating the due diligence and transaction process. The asset is the largest office building not only in the Tricity metropolitan area (Gdańsk, Gdynia, Sopot), but across all Polish regional cities.
Olivia Star rises to 180 metres, comprises 34 floors and offers approximately 40,000 sqm of office space. The building also features conference facilities, five restaurants, three bars and a publicly accessible observation deck. The occupancy rate stands at 98 per cent, with tenants including Nordea Bank, PwC and Olivia Star Top. The seller and project developer is Tonsa Commercial, a real estate investor. The purchase price amounts to circa €150 million, with the transaction structured as a share deal. Following the closing, Kingstone RE assumes long-term asset management of the property.
"We are pleased to have closed this transaction. For Kingstone RE and our activities in Poland, this represents a milestone in our growth strategy. We provided transaction advisory services, coordinated the investment process and led the contractual and commercial negotiations on the purchaser's side. Leveraging our local network, we introduced Olivia Star to Strabag as a match for their requirements regarding investment security, quality, and a shared long-term vision," said Philipp Schomberg, Co-Founder of Kingstone RE and CEO Poland.
"We are observing growing interest from international investors in the Polish real estate market, particularly in the office segment. The yield spread compared to Western European markets remains a driver for international capital. Against the backdrop of Poland's economic performance, we expect further upward momentum in real estate pricing. Now is the time to invest in the institutional real estate sector in Poland," added Paweł Sobolewski, Managing Director Poland and Head of Fund Management at Kingstone RE.
The property is located at 472C Grunwaldzka Street in the Oliwa district of Gdańsk. Olivia Star is the landmark tower of the Olivia Centre complex, comprising seven buildings; the transaction relates solely to the tower. On the seller's side, Greenberg Traurig and Pinsent Masons (legal) and Tax Advisor Magdalena Zamoyska acted as advisors. The purchaser was advised by Act Legal (legal and tax), Savills (technical due diligence) and Baker Tilly (financial due diligence).
