The purchase transaction concluded by Europa Capital and White Star Real Estate concerned Count Raczyński’s 100-year-old refurbished tenement house and a new wing of the building with office as well as commercial and service space. The building is located in a prestigious area in Warsaw.
The real property was sold by Kulczyk Silverstein Properties (KSP) which in 2012 took over the real property from Hochtief Development Poland. The building underwent revitalisation and expansion conducted by Hochtief Development Poland. The latter purchased it from Dom Development, a development firm, for PLN 95 million in 2010.
The Małachowskiego Square facility sold is a recently refurbished office building with the area of 18,000 sq. m., located in the vicinity of Saskie Gardens and Piłsudskiego Square, near the Old Town. A car park for 100 cars is also at the visitors’ disposal. The current lessees in the building include the K & L Gates Law Firm and CVC Capital Partners.
In order to finalise this transaction, Europa Capital and White Star Real Estate created a joint venture. They were keen on purchasing this real property as it combined several strong points: it is a magnificent historical building, at the same time a modern office building and a service and commercial centre, and additionally it has an excellent location in the centre of the city.
It is worth adding here that Europa Capital is a renowned group managing funds in the real estate market in Europe. Since 1995, Europa Capital has conducted 90 transactions for the amount of around EUR 9 billion in 19 European countries. White Star Real Estate, in turn, is a holding company of the White Star Group, dealing with real estate management as well as investing in real property and private equity investments, mainly in Central and Eastern Europe. Since 1997 it has conducted 50 transactions.
We are happy with the interest shown by foreign investors in real property in Warsaw. Other regions of the country are also gaining popularity. For Poland this is only a path to development. If in such transactions TPA Poland’s Experts may support such renowned and experienced partners as Europa Capital and White Star Real Estate in matters concerning taxes, we have reasons to be proud and feel satisfaction.
states Krzysztof Kaczmarek, Managing Partner in TPA Poland.