Amstar and Hines Acquire Rakowicka to Develop 26,000 sqm For-sale Residential Apartments in Krakow, Poland
Krakow, Poland (May 31, 2017)
Amstar, in partnership with leading world-class developer Hines, announced today the acquisition of Rakowicka, a 0.92 hectare land site in the city-center of Krakow, adjacent to the central railway station and the Galeria Krakowska. The land plot is the third phase of an existing residential project that was developed by Hines and Heitman (the Seller). Amstar and Hines will develop Phase III, which will consist of 26,000 sqm of institutional-quality, for-sale residential apartments with ground-floor retail. Hines and Heitman originally acquired the Rakowicka site in 2010 and successfully completed Phase I in 2014 and are currently developing Phase II.
In response to its newest acquisition, Jeffrey Stonger, Head of Europe for Amstar, noted “The Company is excited to build on its experience and platform in Poland. We believe Poland is a top market, the Rakowicka site is a premier location, and most importantly the partnership is poised for success.” Amstar entered Poland in August 2014 with its acquisition of Zlota 44 in partnership with BBI Development, another top developer in Poland. Zlota 44 is a 52-story, 287-unit luxury residential tower located in the center of Warsaw Poland.
Rakowicka has proven to be a successful site for both former owners Heitman and Hines (Amstar’s newest partner). Heitman Portfolio Manager, Matthew Lunt, explains, “The site is one of the best locations for residential in all of Krakow, it is within walking distance to the heart of Krakow yet sits adjacent to the main transportation hub.” Further, Wojciech Rumian, Co-Managing Director for Hines Poland, remarks, “We are excited to begin this partnership with Amstar, particularly with a site that has proven successful on two prior phases developed in a joint venture with Heitman.”
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $1.6 billion in assets under management (as of December 31, 2016). Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar’s clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices.
Hines is a private company specializing in real estate investment, development, and management worldwide. To-date, Hines has completed, acquired, managed or is constructing 1,163 real estate projects with a total area of over 36 million square meters, including residential, commercial, warehouse, hotel, sports, public utility and large-scale complexes. Currently Hines manages 402 multifunctional and infrastructure projects with a total floor area of less than 16 million square meters. Hines owns offices in 121 cities in 19 countries, controlling assets worth about $30.7 billion, making it one of the largest organizations in the global real estate market. Hines is also a leader in sustainable real estate development, with extensive certification in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB.
Hines Regional Office in Poland was established in 1997 in Warsaw. To date, the Polish Hines division has assembled a strong team of professionals focused on the highest quality, implementation of a sustainable development strategy and the long-term value of properties built, purchased and managed in Poland. Established on the Polish market, the company owes its experience and extensive knowledge in the field of office, residential and warehouse space.