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Kulczyk Silverstein Properties establishes an institutional real estate investment management platform KSP REIM
Sep 9 2012

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Kulczyk Silverstein Properties establishes an institutional real estate investment management platform KSP REIM

Sep 9 2012

Kulczyk Silverstein Properties (KSP), an international investment and development firm, a joint venture between Kulczyk Real Estate Holding and Silverstein Properties, establishes an institutional real estate investment management platform. KSP together with investment team led by Otis Spencer and Dennis Dart establishes KSP Real Estate Investment Management (KSP REIM), which intends to be a market leader in Central and Eastern Europe. The new entity intends to raise between EUR 200 to 300 mln of equity for investments in the highest class properties as well as in projects which value can be increased through regeneration, renewal and repositioning projects.

  • KSP REIM’s objective is to become a market leader and the preeminent real estate management platform for investors seeking exposure to the CEE region 
  • The company is managed by an international team of recognized fiduciaries with a track record of doing business in the CEE
  • EUR 200-300 mln  is the target volume for the initial fund to be raised over the next two years
  • AUM in excess of EUR 1.5 bln  – the gross value of assets KSP REIM intends to manage after 5 years 
  • KSP REIM will initially pursue office, retail and warehouse/logistic investment opportunities in Poland and the Czech Republic generating net returns in excess of 12% over a three to five year hold period
  • The Company will focus on investments demanding renovations, rebuild or repositioning including buildings with a potential to obtain ecological certificates


KSP REIM will launch and manage Luxembourg regulated closed-end funds. The company will focus on CEE region which is characterized by a strong potential of growth and increasing liquidity in the commercial real estate market. According to Cushman & Wakefield in 2011, EUR 6 bln (approx. PLN 25 bln) was invested in the commercial real estate market in Poland, the Czech Republic, Romania, Slovakia and Hungary, which is more than two times invested in a previous year (EUR 2.9 bln,  approx. PLN 12 bln).

Over the next two years, KSP REIM intends to raise EUR 200 - 300 mln of equity from investors and to invest in commercial properties in capital and secondary cities in Poland and the Czech Republic. The first closing of the Company’s initial fund is planned for mid-2013. Within five years the value of assets under management is expected to grow to more than EUR 1.5 bln (approx. PLN 6.8 mld).

KSP REIM’s funds are intended for institutional investors such as pension funds, insurance companies and sovereign wealth entities.

„We are entering the market with a great potential. We want to become a leading company in CEE region. International team of experienced professionals combined with competences of Silverstein Properties, one of America’s leading developers, and investment know-how of Kulczyk Investment Group have already put us in the first world league” – says Piotr Krawczyński, board member of KSP.


International competences

The management team of KSP REIM consists of Otis Spencer and Dennis Dart, who previously worked together for over 7 years as part of the management team of one of the most active international real estate investment management firms in the CEE region.

„We will focus on investing in the major cities of CEE region which are characterized by high economic growth. We are looking for projects having both income potential as well as opportunities to increase value. We are particularly interested in unique projects in terms of location and whose value can be increased by renovation or repositioning” – says Otis Spencer, Co-Head of KSP REIM.

KSP REIM’s investment decisions will be made by an Investment Committee of internal and external members following a recommendation, based on a thorough assessment of real estate fundamentals and potential risks, prepared by the Company’s team of experienced professionals.


Development of KSP

KSP focuses on realizing development projects, direct investments, funds as well as property management. In July KSP’s portfolio was increased by two office properties bought from Hochtief Development Poland and located in the heart of Warsaw on Małachowskiego Square and on Mazowiecka Street. KSP is also an owner of Stratos Office Center as well as manager of Krucza House, Warta Tower and Ufficio Primo.

„Founding of KSP REIM constitutes another important stage of dynamic development of KSP which focuses on creating the highest quality portfolio of commercial properties, mainly office buildings, located in CEE region. KSP REIM expands the area of our activity in accordance with our development strategy” – says Edgar Rosenmayr, board member of KSP.








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