Polish investment fund Octava Fizan has acquired a portfolio of 11 commercial properties in Poland for an undisclosed sum.
The deal was completed through the purchase of 30 entities owned by two funds in liquidation, BPH Fiz Sektora Nieruchomosci and BPH Fiz Sektora Nieruchomosci 2.
'It was a very complex process that required large commitment and close cooperation of both sides of the transaction. An important role was played by the financial institutions Aareal Bank, Alior Bank, BZ WBK and Westdeutsche ImmobilienBank,' commented Piotr Rymaszewski, president of the management board of Octava Asset Management.
The property portfolio totalling 140,000 m2 comprises 11 office and retail buildings, including Centrum Krakowska 61, Renaissance Tower, Eureka Park complex, Viking House, Rodan, Onyx office building in Cracow, Media Markt in Chorzów and Carrefour in Boleslawiec.
The transaction was finalised with the approval of the office of competition and consumer protection.
Following this transaction, Octava Fizan holds 19 commercial real estate assets totalling 210,000 m2 of gross leasable area.
Savills represented Octava Fizan.
Octava Fizan is a non-public, closed-end investment fund, and is a part of the capital group controlled by US-based Elliott Group and Warsaw-listed real estate investment company Octava.
The BPH funds were created by Polish fund management business BPH TFI, which was acquired by US multinational conglomerate General Electric (GE) as part of the merger of GE Money Bank with Polish bank BPH in 2010.
GE agreed to sell BPH, which has PNL 2.6 bn (€600 mln) of assets under managemnet via its funds, for PNL 20 mln to Altus, another Polish fund manager, at end-June this year.
