Kulczyk Silverstein Properties (KSP) has purchased the Stratos Office Center, located in the central business district of Warsaw, from Pramerica Real Estate Investors. KSP plans further acquisitions in Poland and other countries in the CEE region.
Pramerica acquired the property in 2006. Presently the building is fully let to tenants including BRE Leasing, a member of the Commerzbank Group; the Belgium Embassy, as well as international law firms Beiten Burkhardt and Bird & Bird. Stratos provides 169 parking spaces on three underground levels and has a modern technical specification enhancing quality of life for tenants.
Commenting on the acquisition, Edgar Rosenmayr, Managing Director and CEO of KSP: "We are pleased to announce the acquisition of the Stratos Office Center which fits our investment strategy of acquiring centrally located and well leased office assets which offer good potential for value growth during a medium or long-term ownership.
"The transaction represents the first major acquisition for KSP and we have an appetite to buy more class-A office properties with similar characteristics in Warsaw, Prague and potentially other CEE capitals.
"The sale of the Stratos Office Center has proven the relative strength and liquidity of the Polish real estate market in CEE. We are pleased to have this transaction concluded together with Kulczyk Silverstein Properties," said Dirk Ruppert, Senior Portfolio Manager at Pramerica Real Estate Investors.
The transaction was financed by Landesbank Berlin AG and Berlin Hyp and brokered by Colliers International. Hogan Lovells acted for KSP while Salans acted for the vendor.
Source: Kulczyk Silverstein Properties