BNP Paribas Real Estate Poland represented First Property in the successful acquisition of Krakow Business Park (KBP).
Following the acquisition and restructuring of the bank loans secured on the office park First Property has now secured commitments from a group of investors to invest some €33 million of new equity in Fprop Phoenix Ltd, the holding company for KBP. Dr. Piotr Goździewicz, MRICS, Director Capital Markets CEE and Rafał Proczek, Senior Consultant Capital Markets CEE, BNP Paribas Real Estate Poland acted for First Property on the buy-side in its acquisition of KBP.
KBP comprises four Class A office buildings with a gross leasable area of some 50,000 sqm, located close to Krakow International Airport. After the acquisition, the complex has been renamed Eximius Park. Among the complex’s tenants there are companies such as ABB, Assa Abloy, UBS, UPM.
“Krakow being one of the strongest Polish regional office markets continues its further dynamic growth with its prime yield dropping to the level of 6% this year and the vacancy rate reaching the level of 9.1% with the take-up exceeding 41,500 sqm in Q1 2019. Based on the latest Tholons Services Globalization City Index 2017 Ranking, Kraków is the second-best location in Europe and the eighth one globally for BPO and SSC centres,” said Piotr Goździewicz, Director, Capital Markets at BNP Paribas Real Estate Poland.
Director, Capital Markets, Central & Eastern Europe
BNP Paribas Real Estate