SPRAVIA

A consortium between Cornerstone Investment Management and Crestyl acquired Spravia in 2021. The company has been conducting development activity since 1999 (until 2021 under the name Budimex Nieruchomości). During this time it has completed about 140 projects in 5 major cities in Poland (Warsaw, Gdańsk, Poznań, Kraków and Wrocław). The total of 20,000 housing units and premises have been built and the quality of the estates has been measured by the awards and distinctions they have received, including in the prestigious “Construction of the Year” competition. 

GRE

Griffin Real Estate was founded by Przemysław Krych in 2006 and quickly became the leading real estate investment and asset manager in Poland. The company successfully launched new concepts to the market including Student Depot and Resi4Rent. Today, Griffin Real Estate has assets under management of approximately EUR 5 billion.

ECHO INVESTMENT

Acquisition of the largest Polish developer in the office, commercial and residential real estate sector listed on the Warsaw Stock Exchange, in consortium with Oaktree Capital Management and PIMCO. Restructuring of the company into a platform of yielding prime retail & office assets (EPP) and a pure developer, a clear market leader in the office and residential development, holding extensive portfolio of development properties across Poland (Echo Investment). 

The majority stake of EPP was sold to Redefine (second largest REIT listed on the JSE). Echo Investment was consolidated as the largest Polish developer and its majority stake was sold to an institutional investor Wing Properties.

MEBLE EMILIA

Winning of a public tender for the purchase of a furniture company, which employed several dozen people and controlled several strategic assets in Warsaw with the total development potential exceeding 160,000 sqm residential and commercial space. Restructured to separate the commercial activity from the development assets in order to prepare the latter for sale. Sale preparation included legal, technical and planning improvement. 

Exit through transactions with the leading property companies including Porsche, Okam Capital, Puro Hotels, Grupo Lar, LC Corp, etc.

GPRE

Creation of a unique platform in Polish real estate market - the largest, office focused, synthetic REIT with an integrated, internal management team. Established by spinning off nine attractive properties from a portfolio of Griffin Real Estate group located in prime locations in five Polish cities: Warsaw, Wroclaw, Lodz, Cracow and Katowice. Initially listed on the Warsaw Stock Exchange, currently is a part of the Globalworth.

Hala Koszyki, located in the very city centre of Warsaw and Renoma, the first and the oldest shopping centre in Wroclaw are prominent examples of projects which developed and owned by Griffin Premium RE.

BEMOWO

Acquisition of a 55,000 sqm residential development site in Warsaw in a bankruptcy proceeding. Restructuring of its legal and zoning status and off-market sale to the largest Polish developer, Dom Development, in what was a record transaction of that year.

RUCH PORTFOLIO

Acquisition of a portfolio of seven land plots owned by one of of Poland’s largest retail and wholesale press distributors. 

Exit through a restructuring and subsequent sale to leading office and residential developers, including Skanska, Buma Group, Matexi, etc.

MICROSOFT BUILDING

Single tenant building (9,379 sqm) bought in 2015. Value creation through refurbishment and lease renewal to Microsoft for subsequent 10 years. 

Exit through a sale to Generali Real Estate.

SEREK WOLSKI

Land assembly of several sites strategically located in the Warsaw CBD amounting to 0.8 ha. Value creation through land improvements and legal restructuring and permitting. 

Exit through a sale to Skanska Commercial Development.

PIĘKNA 20

Single tenant building (16,000 sqm) located in the CBD of Warsaw with short existing lease agreement that was purchased from INVESCO. Project refurbishment and leased to KNF (the securities and exchange commission for Poland) for 10 years. 

Exit through a sale to Generali Real Estate.

PRIMA COURT

Multi-tenant building (4,000 sqm) located in CBD of Warsaw. 

Exited through a swap transaction with the Holy Trinity Parish of the Lutheran Church of Poland.

TOWAROWA 22

The investment was made via land assembly of several sites totalling 65,000 sqm located in Warsaw CBD in order to create a leading mix-use development project. The project involved the execution of a series of independent transactions with various entities as well as land improvements and legal clearance. 

Exit through a sale to Echo Investment and EPP.

CAPITAL PARK

One of Poland’s leading real estate development and investment companies. Capital Park assembled a prime real estate portfolio of modern class A office and retail assets. Sold to Patron Capital at ~4.0x the initial investment. Today, it manages portfolio of approximately 302,000 sqm with market value of around PLN 2.8bn of which 80% is located in Warsaw.

DTC/EASTBRIDGE

Acquisition of a nationwide chain of department stores, including the landmark Ściana Wschodnia scheme in Warsaw, which was one of the first shopping malls in Poland, opened in 1969. Value creation through redevelopment into modern retail shopping centres including Renoma in Wroclaw, Supersam in Katowice followed by redevelopment of Ściana Wschodnia itself. 

Exited through a swap into Eastbridge (investment partner) shares followed by sale to a number of financial institutions led by Morgan Stanley.

SYNERGIA 99

Opportunistic purchase of 72 hectares of strategically located land of the former legendary Gdansk Shipyard. Value created through land development.

Exited through a sale to BALTIC Property Trust.

STUDENT DEPOT

Student Depot is Poland’s leading student housing developer and operator with over 2,000 beds and set to grow to over 6,500 beds by 2025. 

Exited through a sale to Kajima - one of Japan's largest construction and property groups.

chariot

Acquisition of a stake together with PIMCO, Oaktree and Redefine, Cornerstone Investment Management. Chariot specialised in commercial real estate asset management, that started with a portfolio of 28 real estate assets purchased from the AXA, Ares and Apollo-Rida consortium.

Exited through a sale.

EPP

Financing provided by Oaktree Capital Management and an affiliate of Cornerstone Investment Management for EPP shares purchase by Redefine Properties of South Africa.

Fuzja ECHO

Mezzanine financing provided by an affiliate of Cornerstone Investment Management to Fuzja for a brownfield development in a city center of Lódź which is today, the largest mix-use project city. Successful exit to Echo Investment.

Polski Hak

Mezzanine financing provided by an affiliate of Cornerstone Investment Management for the development of a 7 hectare plot in Gdańsk. Fully permitted for residential development land later sold to ROBYG S.A.

Feniks Office Building

Mezzanine financing provided by an affiliate of Cornerstone Investment Management for the development of Feniks, a A class office building located in Warsaw. Cornerstone Investment Management took over the building as the borrower struggled with development process and finally defaulted on the loan. Cornerstone Investment Management leased the building to BOŚ Bank S.A. and successfully exited to IVG A.G. providing investors with equity like overall returns. 

Resi Ogrodowa

Mezzanine financing provided by an affiliate of Cornerstone Investment Management for an office project. Value creation through debt consolidation and change of zoning to residential development allowing an exit to DOM Development.

WAIMEA

Financing provided by Cornestone’s affiliate to Waimea Capital Group for the development of two logistic parks and successful exit upon sale to Fortress - Johannesburg Stock Exchange listed REIT.

Galeria Młociny