Starwood Capital has invested in a portfolio of Polish offices for its latest global opportunity fund.

Starwood Distressed Opportunity Fund IX is taking ownership of three offices in Warsaw and Katowice from local developer Ghelamco. German bank Heleba arranged the financing.

Keegan Viscius, vice president at Starwood, said: “Improving business confidence and easing credit conditions are likely to support an increase in investment in Poland, and labour market conditions, already strong, should also continue to improve.

“Domestic companies are profiting from these positive economic trends, while multinational corporations are attracted by the country’s highly skilled workforce, central European location, modern infrastructure, stable political environment and vibrant culture.”

Viscius said these factors should “spur demand for modern, high-quality office space”.

The portfolio comprises 78,000sqm of space, built between 2010 and 2013, and 96% occupied by tenants including T-Mobile, Citibank, Allianz, Alior Bank, Tauron and PwC.

The T-Mobile Office Park in Warsaw was the first building in Poland to achieve a BREEAM Excellent certification.

Jeroen van der Toolen, managing director at Ghelamco, said it was the time the developer had sold three buildings in one transaction.

“Funds from the sale will be invested in new office, retail and residential projects,” he said.

The deal follows Starwood’s acquisition in 2013 of The Park, an office campus on the outskirts of Prague in the Czech Republic.