Summus Capital acquires newly built office complex for 48 million euros in Krakow

Summus Capital OÜ, a real estate investment group rapidly expanding from the Baltics to Poland, acquires The Park Krakow office complex, a newly developed and fully leased office complex delivered by White Star Real Estate and Cain.

Located in Krakow’s Podgórze district, The Park Krakow consists of two newly built office buildings with a total gross leasable area of 24,702 square metres

Summus acquired The Park Krakow at a value of EUR 48 million. The office complex is leased to a diversified tenant base, including OTCF S.A., the owner of the leading Polish sportswear brand 4F, AMS, a global provider of talent acquisition and recruitment process outsourcing solutions, TAURON Obsługa Klienta, a company within the TAURON Group, one of Poland’s largest energy groups, and Warta, one of Poland’s leading insurers. The property’s weighted average unexpired lease term (WAULT) stands at slightly over 6 years.

“This transaction significantly strengthens our Polish office portfolio, adding tenants with a strong focus on the local Polish market. With this acquisition, we continue our strategy in this segment of acquiring prime assets with prime tenants in well-connected locations close to central business districts, delivering higher yields. The area is rapidly developing, highly visible and easily accessible by all modes of transport,” commented Hannes Pihl, Head of Investments and Member of the Management Board of Summus Capital.

The acquisition of The Park Krakow increases Poland’s share in Summus Capital portfolio from 38% to approximately 43%, with the Group’s total real estate portfolio market value reaching EUR 630 million.

“The sale of The Park Kraków marks an important milestone following the successful delivery and stabilisation of the first phase of the project. We have created a high-quality office destination with a strong and diversified tenant base, long-term lease commitments and institutional-grade financing, making this a natural point in the asset’s lifecycle for a long-term investor to take ownership. The transaction validates the quality of the project, the strength of the occupier market in Kraków and the long-term value created through our development and asset management strategy. We remain confident in the fundamentals of the Kraków office market and continue to believe in the future potential of The Park Kraków and its strategic location within one of the city’s fastest-growing business districts,” says Bartosz Prytuła, Managing Partner, Poland at White Star Real Estate.

Developed by White Star Real Estate and Cain, The Park Krakow is a high-quality office asset combining strong ESG credentials with modern workplace standards. The project has been awarded BREEAM Excellent certification and incorporates a range of energy-efficient solutions, including rooftop solar panels, electric vehicle charging infrastructure and modern building systems supporting the efficient operation of the property.

Penteris advised the buyer on the transaction. On the seller’s side, Clyde & Co acted as legal advisor, Crido provided tax advisory services and Cushman & Wakefield advised on the investment sale process. Erste Group Bank AG served as the lender in the transaction with the support of Schönherr Warsaw.