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Madison set to buy Capital Park

Nathan North 13 March 2019

Nathan North

Deputy editor

+48 22 356 25 22
nathan@eurobuildcee.com

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

Madison set to buy Capital Park
Capital Park's flagship investment - the redevelopment of the former Norblin factory in Warsaw
POLAND US real estate investment firm Madison International Realty has signed a preliminary agreement for the acquisition of a controlling, 65.99 pct stake in Warsaw Stock Exchange listed Capital Park SA from London-based Patron Capital Partners.

The transaction also gives Madison, which last year entered the Warsaw market by acquiring of a 50 pct stake in the Warsaw Spire office tower, a local platform from which to expand in Poland. Capital Park’s existing portfolio, 77 pct of which is situated in Warsaw, comprises 304,000 sqm of leasable space and is valued at app. PLN 2.5 bln. This includes the company’s flagship project in the capital city – the redevelopment of the 2 ha site of the former Norblin factory into a mixed-use complex. At the close of trading on the WSE on March 8th, Capital Park’s share price was valued at PLN 6.8.

The acquisition of the stake in Capital Park, on behalf of the Madison International Real Estate Liquidity Fund VI, is subject to conditions precedent, including the permission of the Polish anti-monopoly authority UOKiK. Patron Capital bought Capital Park in 2004 and is to retain a minority stake in the company, which has been listed on the WSE since December 2013. EY Real Estate Corporate Finance has been advising Capital Park and Patron Capital Partners for this transaction, while Madison International Realty has been represented by Greenberg Traurig, KPMG and GGR Group.

Jan Motz, the founder and president of the Capital Park group, has commented: “Working with Patron Capital Partners started a new chapter for our company, providing us with the strategic understanding and support that has allowed us to build a prime real estate portfolio of modern class ‘A’ office and retail assets. This includes the Eurocentrum Office Complex and Royal Wilanów, with the repositioning of the former Norblin factory – our largest and most prestigious investment project to date – well underway. We are happy to have gained a new partner that appreciates the strength of our team and the quality of our projects. We are sure that having such experienced equity partner as Madison we will further strengthen our position, and open up new opportunities for the continued growth of value of the group.”

“This transaction fits in well with our distinct strategy of investing selectively in listed property companies with strong sourcing opportunities in growth markets and superior management teams. We are very pleased to be working with Capital Park, which has a quality portfolio of prime assets,” added Matthias Cordier, Madison’s managing director


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