A group of investors made up of a multi-asset fund for small pension schemes and UK university colleges have invested in First Property Group’s Polish business park.

First Property said the investors which include Willis Towers Watson Partners Fund, Christ Church and St Catherine’s College in Oxford and Christ’s College in Cambridge, have committed around €33m of new equity in Fprop Phoenix, the holding company for Krakow Business Park (KBP).

In September last year, First Property acquired the principal operating companies owning the majority of properties situated in KBP.

KBP, which is to be renamed Eximius Park, comprises four Class A office buildings with a gross leasable area of 50,000sqm, half of which is vacant. There is room in the park for additional development.

First Property said it now owns around 23.4% of the issued share capital of Fprop Phoenix.

Ben Habib, the group chief executive of First Property, said: “The buildings on the park provide excellent office space but we shall be expanding its facilities to make it a home away from home for its tenants.”

Habib said First Property’s plans include a new sports ground, park area, additional car parking, a free bus service for all tenants, a refurbished railway station with an improved frequent service to central Krakow and much much more.

“And en route we expect to earn good returns for our shareholders and our investors in the Park.”