Catalyst Capital, a European real estate investment and fund management firm, has bought Nobilis Business House from Echo Investment for €44 million. The building, located on Marii Skłodowskiej-Curie Street in Wrocław, was completed in late 2016.
The building has been acquired by Catalyst Capital’s Catalyst Core Plus European Property Fund, a new €1 billion “evergreen” real estate fund. The Nobilis office building has 16.900 sqm of GLA out of which 75% is leased to companies such as Onet Group, City Space, PPG Deco, Smith & Nephew and Synexus medical centre. Catalyst Capital has paid an initial €36 million and the payment of the outstanding amount is expected within 12 months when the fit-out works are completed and the remaining 25% of available space is leased. Significant part of vacant space is covered by letters of intentions with tenants, and remaining space is under advanced negotiations.
Tomasz Doktór, a director of Catalyst Capital, said: ‘This is our first investment for the Catalyst Core Plus European Property Fund in Poland and we are working on adding further acquisitions to our portfolio in 2018’.