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Starwood buys three Polish office buildings from Ghelamco for €192m

21 Aug 2014

download (3)Starwood Capital has bought three office buildings in Poland for a reported €192m from European real estate developer Ghelamco.

The real estate private equity firm tapped its Opportunity Fund IX for the deal, which was facilitated by a €136m long-term loan provided by German bank Helaba.

Two of the properties are located in Warsaw, and the third in Poland’s Upper Silesian region.

The portfolio comprises 78,000 square metres of gross leasable area and is currently 96 per cent leased to a mix of companies, including accounting firm Pricewaterhouse Coopers and Poland’s largest beer brewer Zywiec.

In July AltAssets reported that Starwood had raised just over half of its $4bn target for its Starwood Opportunity Fund (SOF) X just a month after registering the vehicle with the US securities regulator.

Starwood’s other recent deals include buying seven malls from Taubman Centers for $1.4bn in June.

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