Clifford Chance has advised on a joint venture investment of White Star Real Estate and Europa Capital related to the acquisition of the Plac Malachowskiego office building in central Warsaw, from Kulczyk Silverstein Properties, which purchased the property in 2012 from Hochtief Development Poland. Dentons advised Kulczyk Silverstein Properties (KSP) on the deal, with Baker & McKenzie advising Hochtief Development.
Plac Malachowskiego is a recently redeveloped 18,000 square meter office building close to Saski Gardens and Plac Pilsudskiego, between Warsaw’s central business district and the old town. The property is partially leased and tenants include international law firm K&L Gates, global private equity firm CVC Capital Partners, and a number of boutique retailers and a restaurant.
Europa and White Star have formed a joint venture for the purposes of the investment, with White Star providing local asset and property management services for the project.
According to a Europa Capital press release, Europa -- a real estate fund management group operating across Europe – “[adds] value through risk-based acquisition strategies and active asset management on behalf of its investors.” Since 1995, Europa Capital has collectively raised 9 real estate funds and committed to over 90 transactions, totalling some EUR 9.0 billion across 19 European countries.
White Star Real Estate is the real estate arm of White Star Group, a holding company established to provide real estate management services and to make real estate and private equity investments primarily in Central and Eastern Europe. White Star has been active in Central and Eastern Europe since 1997, leading the completion of over 50 development projects throughout the region.
Robert Martin, Principal and Head of Central Europe at Europa, commented on the deal: “This is an exceptionally well developed office asset which offers tenants something different from the Warsaw norm. Amid an office market in oversupply, finding such special properties, and acquiring from motivated sellers, are of interest to Europa.”
Brian Patterson, Founder of White Star Real Estate, commented: “We are pleased to have identified and invested alongside Europa in the exciting opportunity presented by Plac Malachowskiego. This addition of a high-quality standing asset complements the WSRE development portfolio across Central Europe, and our asset and property management portfolio.”
The Clifford Chance Warsaw team was supervised by real estate Partner Daniel Kopania. Other core team members included Counsel Krzysztof Hajdamowicz, Associates Magdalena Lazewska and Katarzyna Perkowska, and Trainee Aleksandra Wlaszczuk.
The Dentons team advising KSP was led by Partner Pawel Debowski, Chairman of Dentons` European Real Estate Group, and Counsel Agnieszka Nagorska.
Image Source: greenbuildinginfo.eu
