KINGSTONE Real Estate accompanied the Austrian STRABAG Group in the acquisition of the "Olivia Star" office high-rise in Gdansk. The services included brokering the transaction, managing the due diligence process, and overseeing the entire acquisition. At 180 metres tall and with 34 storeys, "Olivia Star" is the largest office building in the Tri-City metropolitan area (Gdansk, Gdynia, Sopot) and in other regional Polish cities.
The property features approximately 40,000 square metres of premium office space and boasts an occupancy rate of 98 per cent. Key tenants include Nordea Bank, PwC, and Olivia Star Top. In addition to office space, the building offers extensive conference areas, five restaurants, three bars, and a publicly accessible observation deck. The purchase price for the property amounted to approximately 150 million EUR; the transaction was conducted as a share deal.
The seller and developer of the property was Tonsa Commercial, an internationally active real estate investor. Following the successful closing, KINGSTONE Real Estate will take over the long-term asset management for the property. This involves continuously supporting the owner in implementing the investment strategy and ensuring the sustainable value development of "Olivia Star".
Philipp Schomberg, Co-Founder of KINGSTONE RE and CEO Poland, commented on the completion of the transaction. He emphasised KINGSTONE RE's significant role in this off-market deal, which was identified through their local network and brokered to the STRABAG Group. The services provided included transaction advisory according to institutional standards, coordination of the investment process, and contract negotiations on the buyer's side. This marks a milestone for the company's activities in Poland and its continued growth trajectory.
Pawel Sobolewski, Managing Director Poland and Head of Fund Management at KINGSTONE RE, highlighted the increased interest of international investors in the Polish real estate market, particularly in the office segment. He explained that the yield gap compared to Western European markets remains an important factor for international capital inflows. Given Poland's strong economic development, which holds a leading position among European countries in GDP forecasts, a further upward trend in real estate prices is expected, and the current timing is considered favourable for institutional real estate investments in Poland to realise future value increases.
The "Olivia Star" property is located at Grunwaldzka Street 472C in the Oliwa submarket of Gdansk. It is the landmark tower of Olivia Centre, one of the largest office parks in Poland and Central-Eastern Europe, consisting of seven properties. The subject of the transaction was exclusively the "Olivia Star" tower; the other six properties remain in the seller's possession.
Philipp Schomberg provided information on the next steps, which include managing the onboarding process and establishing institutional management structures. KINGSTONE RE will exclusively represent the investor on-site as an operational partner and assume the function of asset manager for "Olivia Star". The seller's side was advised legally by Greenberg Traurig and Pinsent Masons, and tax-wise by Magdalena Zamoyska. On the buyer's side, Act Legal (legal and tax), Savills (technical due diligence), and Baker Tilly (financial due diligence) provided support.
