Spanish private equity group Azora International is buying the Avatar office building in the Polish city of Kraków from Warsaw-listed developer Echo Investment for PLN 121.66 mln (about EUR 30 mln). The newly built nine-storey office facility is located on Armii Krajowej street and is the Kraków’s office of the BNP Paribas Fortis Polska bank.

Spanish private equity group Azora International is buying the Avatar office building in the Polish city of Kraków from Warsaw-listed developer Echo Investment for PLN 121.66 mln (about EUR 30 mln). The newly built nine-storey office facility is located on Armii Krajowej street and is the Kraków’s office of the BNP Paribas Fortis Polska bank.

The property comprises over 11,000 m2 of office space and a total of over 260 parking spaces located in an above-ground car park and a two-storey underground facility. The 'open space' formula used in the building allows for flexible division of particular floors and adjusting their layout to the needs of a bank. The whole complex has been equipped with modern technological solutions as well as security, monitoring and access control systems. Avatar is an energy-saving building with above-standard energy performance indicators.

Adrian Karczewicz, director of project financing at Echo Investment, was responsible for the sales process which lasted just under five months. 'The investment property market in Poland is very attractive for international funds. The importance of Poland has grown, our country is now perceived as one of the stable EU members and the Polish property market - not as part of CEE but as a separate investment market,' Karczewicz said.

'The interest in purchase of the building in Kraków was higher than we expected. After signing the letter of intent with Azora International with regard to exclusivity in negotiations, we received many enquiries from funds willing to enter into the transaction with us. The Spaniards turned out to be good partners in negotiations, we are very satisfied with the negotiation process and its result.'

The final agreement is to be signed by the end of December 2010. Jones Lang LaSalle is representing Echo Investments in the transaction.