Starwood Distressed Opportunity Fund buys Krakow Business Park
- New Europe Investor
- December 08, 2014
Starwood Distressed Opportunity Fund X, a property fund of Starwood Capital, has purchased a major business park in Krakow.
Quattro Business Park, located near the Polsad roundabout at Bora Komorowskiego Ave 25, contains four fourteen storey buildings, totaling 500,000 square feet of leasable space.
Polish firm, Buma constructed the park which began in 2010 and was completed earlier this year.
Quattro Business Park boasts BREEM certification amongst many other state of the art office features such as high speed lifts.
The four buildings that stand at 60 metres in height also boast 1,128 car spaces.
It is currently 97% occupied, with prestigious tenants that include; Google, Oracle, Samsung, FedEx and Citibank.
Vice president of Starwood Capital, Keegan Viscius, following completion of the deal, pointed to Krakow’s impressive landscape for foreign business.
The city has the highest proportion of professionals working for foreign backed capital than the entirety of Poland, even surpassing Warsaw.
Starwood Capital, headquartered in Greenwich, Connecticut bought three further office buildings in Poland in August, two in Warsaw and one in Katowice.
The purchase of Quattro Business Park in Krakow, marks a major move into European property which Viscius says will continue into the future.
Further information on Starwood Distressed Opportunity Funds can be viewed here.