Pan-European private equity investor Henderson Park has acquired a 70% interest in an office portfolio in Poland from Johannesburg-listed EPP, which will retain the remaining 30% stake and continue to manage the assets.
Henderson Park said the transaction gives it exposure to the Polish market via an established local platform with a strong track record of operating in the country.
Financial details were not disclosed but the joint venture is understood to be valued at around €250 mln. This would value Henderson Park's stake at €175 mln.
The fully-let portfolio comprises 105,000 m2 of primarily new Grade A office space across 11 buildings, which are located in three of Poland’s top five largest cities: Kraków, Poznan and Lódz. The three office parks acquired are:
-O3 Business Campus in Kraków, comprising three 11-storey buildings totalling 55,765 m2 and 1,205 parking spaces;
-Malta Office Park in Poznan, comprising six individual buildings of five to six storeys totalling 29,065 m2 and 599 parking spaces, and;
-Symetris Business Park in Lódz, comprising two 10-storey buildings totalling 19,287 m2 and 383 parking spaces.
All the assets hold a BREEAM Very Good rating and are let to more than 40 international and domestic tenants including McKinsey, Philips, Nordea Bank and Grant Thornton.
Nick Weber, founding partner of Henderson Park, commented: ‘This transaction marks our entry into the Polish market, where we see great potential, and at an attractive entry level. Structuring this deal alongside a listed company fits well with our ethos of finding unique and innovative ways to access real estate investment opportunities on behalf of our investors.’
Hadley Dean, CEO of EPP, said: ‘This partnership will allow Henderson Park and our office tenants to benefit from our know-how and experience as they continue to enjoy office management services of unparalleled quality. At the same time, it allows us to focus on our stated strategic goals involving developing and populating our retail portfolio in one of Europe’s most dynamic markets. We believe this is the best solution for our tenants and our shareholders’.
The legal advisers involved in the transaction included Linklaters (Henderson Park) and Dentons (EPP), while EPP’s commercial adviser was Colliers.