A transaction worth EUR 60 million has just been concluded in the Warsaw real estate market. Czech Fund ZFP purchased the Wołoska 24 office building from Ghelamco. The buyer was advised in this process by a team of tax advisors from TPA Poland and financial advisors from Baker Tilly TPA.
“The transaction was conducted in the form of a share deal. This means that a change of ownership has been effected through the acquisition of shares in the SPV. This was a large and complex deal; therefore, our experts provided tax and financial advisory support. In the case of such transactions, it is crucial to properly estimate the tax consequences. They should all be included and indicated to the investor. This helps to make the buyer aware of the additional costs that such an investment will entail. A clear tax situation helps to avoid potential disputes with the tax authorities,” said Monika Stachurska-Waga, tax advisor and Senior Manager at TPA Poland.
Maciej Krokosiński, Associate Partner in Warsaw’s Audit and Business Advisory, TPA, commented:
“This is another transaction where our combined tax and finance teams supported the client. Only thorough due diligence, proper examination of the subject of the transaction and identification of potential risks allow the investor to make the right and safe decisions. We are glad that the ZFP fund has placed its trust in us and entrusted us with these key areas of the entire project.”
Wołoska 24 is a class A office building located in Warsaw’s Mokotów district. Its construction was completed in 2016. The building is currently nearly 100% let. It offers 23,500 sqm of office space. The building provides 518 parking spaces in underground and surface parking lots. There are separate parking spaces for bicycles. The building is BREEAM-certified at the Excellent level.
The new owner of the property is the Czech investment fund ZFP Investments owned by the Slovakian fund IAD Investments. The latter has operated in the markets of Central European countries for over 25 years. It owns properties in Slovakia, the Czech Republic, Hungary and, since December 2017, also in Poland.