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Quattro Business Park in Kraków

CATEGORY
Investment Deal of the Year, CEE
Quattro Business Park is more than an office building complex – it is a home to many well-established companies, such as Google. Luxoft, Medicover and Capgemini. Located in Kraków, Quattro Business Park consists of 5 buildings, with a gross leasable area of 60,200 sqm, developed during 2010 and 2014. All the spaces have been designed with large glazed areas that provide an increased access to daylight and the office area is fully equipped with raised technological floors, suspended ceilings and a high-quality air-conditioning system. Buildings A and B were subjected to BREEAM-In Use certification, and were graded "Excellent" in the Asset category. Quattro Business Park was designed by Pracownia Architektury Kuryłowicz & Associates design office.
Name of the deal
Quattro Business Park in Kraków
The date of closing the deal
June 21st 2018
Value of the transaction (in EUR)
139 mln euro
Yield
7.8%
Seller, plus brief information about the company
Starwood Capital Group is a private investment firm with a primary focus on global real estate. Founded in 1991 by Chairman and CEO Barry Sternlicht, Starwood Capital's hallmark is to invest opportunistically, moving between asset classes, geographies and positions in the capital stack as the firm perceives risk/return dynamics to be evolving. To execute this strategy, Starwood Capital has built up asset-class and geographic expertise in our target markets. In its pursuit of the most compelling opportunities globally, Starwood Capital has invested in more than 30 countries, ranging from the Americas to Europe to Asia. Starwood Capital is led by seasoned professionals who have successfully navigated all stages of the real estate investment cycle, with dedicated teams focused on acquisitions, asset management, capital markets, capital raising/investor relations and accounting.
Consultancy which advised Seller
JLL (commercial), Greenberg Traurig (legal)
Purchaser, plus brief information about the company
Globalworth - a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Romania and in Poland, where the Company has a majority shareholding in Globalworth Poland, a pure-play Polish real estate platform listed on the Warsaw Stock Exchange. Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by over 170 professionals across Romania and Poland, the combined value of its portfolio is in excess of €2 billion, as at 30 June 2018. Over 90% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of some 510 national and multinational corporates.
Consultancy which advised Purchaser
CBRE (commercial), Deloitte (fin-tax), Dentons (legal), Buro Happold (technical)
Financing institution
Globalworth – self financing
Current occupancy level
Approx. 99%
Please say why this deal should be considered for the award
Purchasing Quattro Business Park complex by Globalworth was the largest individual acquisition so far in the company’s history and at the same time – one of the biggest transactions on the office market in Poland in 2018 (until now). Following this transaction, Globalworth became the largest institutional office investor and landlord in Poland – at June 21st the company’s portfolio grew to 290,000 sqm of owned office space on the local market and was valued at 900 million EUR. The company has been continuing its expansion and in less than a month after acquiring Quattro Business Park the value of Globalworth’s Polish portfolio exceeded 1 bln euro and reached almost 375,000 sqm of GLA.