News Article Balmoral Properties investment Kraków office PAREF Poland
by Property Forum | Investment

Paris-based asset manager Paref Gestion, on behalf of its SCPI Interpierre Europe Centrale fund, has acquired the Browar Lubicz office complex in Kraków from Balmoral Properties for an undisclosed sum.

Browar Lubicz is a complex of three renovated historic buildings with a total area of around 7,500 sqm. The four-storey first building contains more than 6,000 sqm of office space, while the second and third buildings contain 800 sqm and 600 sqm.

The revitalisation of the buildings of the former Goetz brewery, close to the main railway station just outside the city’s Old Town, was completed in 2016. Tenants include UK internet service provider CentralNic and Swedish games developer Yggdrasil.

"This new acquisition significantly enriches the portfolio of the SCPI Interpierre Europe Centrale. Initiated a few months ago, we are delighted to have completed this high-quality transaction and to have received the support of our banking partners. This property complex is fully in line with the responsible investment strategy that Paref Gestion intends to deploy in its funds. Moreover, Kraków is one of the most dynamic cities in Poland and remains an active destination for foreign capital despite the conflict in neighbouring Ukraine", said Anne Schwartz, the managing director of Paref Gestion.

HSBC Bank provided financing for the acquisition.