Kulczyk Silverstein Properties sets up REIM business for CEE

Kulczyk Silverstein Properties (KSP) has established an institutional real estate investment management platform for Central and Eastern Europe.

With an investment team led by Otis Spencer and Dennis Dart, KSP Real Estate Investment Management (KSP REIM) intends to be a market leader in Central and Eastern Europe. The new entity intends to raise between EUR 200 to 300 mln of equity for investment in prime properties as well as in projects where value can be increased through regeneration, renewal and repositioning.

KSP REIM intends to manage assets with a gross value in excess of EUR 1.5 bn within five years. The investment manager will initially pursue office, retail and warehouse/logistic investment opportunities in Poland and the Czech Republic, generating net returns in excess of 12% over a three to five year hold period. KSP REIM will launch and manage Luxembourg regulated closed-end funds for institutional investors such as pension funds, insurance companies and sovereign wealth entities.

KSP, a joint venture between Kulczyk Real Estate Holding and Silverstein Properties, is an international investment and development firm.

Kulczyk Investments (KI) the parent company of KREH, is an international investment company, focused on investment opportunities in global emerging markets.

Silverstein Properties (SPI), based in New York, is a full-service real estate investment, management and development firm, led by president and CEO Larry Silverstein. The firm's current portfolio includes 850,000 m² of commercial and residential properties located mainly in New York. SPI has $10 bn of planned developments including three new skyscrapers at the World Trade Center in New York and Four Seasons projects in New York and Orlando, Florida.