UK-based private equity real estate fund manager Benson Elliot has acquired four grade A offices in Poland from four seperate, unnamed vendors for a total deal volume of around €100 mln.
The acquisitions, made on behalf of its pan-European fund, Benson Elliot Real Estate Partners IV (BEREP IV), follow the fund’s acquisition of the 350-room Warsaw Sheraton Hotel in October 2015.
'Poland remains one of Europe’s strongest economies, with GDP growth averaging more than 3% over the past decade,' commented Joseph DeLeo, Benson Elliot senior partner. '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.'
The properties have all been recently delivered or refurbished, and include Opera in Gdansk (pictured), completed in 2012. The 8,290 m2 building is arranged over ground and five upper floors and is let to eight tenants, including Raiffeisen Polbank, KPMG, Lloyd’s Register and Metsa Group Services.
Vinci in Kraków, completed in 2010, is a 20,400 m2 building is arranged over 13 floors, let to international corporates including Akamai, Heineken, Genpact and Rolls-Royce.
Forum 76 in Lódz, comprising 7,910 m2 of space, 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.
The fund also acquired Okraglak and Kwadraciak in Poznan, two landmark, architecturally significant office buildings located in the city centre. Totalling 7,900 m2, the buildings were converted to office use in 2012 and are let to GFT Group, PKO Bank and Bank Zachodni WBK, amongst others.
Benson Elliot were 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.
