Strabag Group has acquired a €150m office building in northern Poland from Tonsa Commercial.
Kingstone Real Estate, which acted as transaction adviser, said Olivia Star in Gdańsk is the largest office building across all Polish regional cities.
The 34-storey tower provides around 40,000sqm of office space and is 98% occupied. The 180-metres building also features conference facilities, five restaurants, three bars and a public observation deck.
Kingstone will provide long-term asset management services for Olivia Star.
Paweł Sobolewski, managing director, Poland and head of fund management at Kingstone Real Estate, said: “We are currently 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 still remains a key driver for international capital.
“Against the backdrop of Poland’s strong economic performance leading the European countries’ GDP forecast ranking, we expect further upward momentum in real estate pricing. Now is the time to invest in the institutional real estate sector in Poland and capture future value upside.”
Philipp Schomberg, co-founder and managing partner of Kingstone Capital Partners, said: “Kingstone Real Estate will continue to manage the onboarding process and establish institutional asset management structures.
“We will represent the investor locally as an exclusive operating partner and assume the role of asset manager for Olivia Star.”
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