Pan-European investment manager Tristan Capital Partners has formed a joint venture with Prague-based Avestus Real Estate to acquire a newly developed office park and adjacent land in the Polish city of Krakow.
Pan-European investment manager Tristan Capital Partners has formed a joint venture with Prague-based Avestus Real Estate to acquire a newly developed office park and adjacent land in the Polish city of Krakow.
Tristan was acting on behalf of an opportunity fund it manages, European Property Investors Special Opportunities 3 LP (EPI).
Financial details were not disclosed. However, German lender pbb said it has arranged a €71 mln senior acquisition and capex facility for the joint venture.
Pbb is acting as arranger, agent and sole lender as well as hedging provider.
Enterprise Park is a modern office park developed by Avestus Real Estate between 2012 and 2014. Buildings A, B and C comprise a combined 29,500 m2 of fully let gross leasable area while Building D is currently under construction with 5,900 m2 of fully pre-let GLA. It is scheduled to be handed over to its tenant in the first quarter of 2016.
The site provides development potential for an additional 23,500 m2 of GLA. Upon final completion, it will comprise over 50,000 m2 of GLA and 1,370 parking spaces.
'This is an attractive investment due to the positive rental market dynamics of Krakow, the second largest office market in Poland and one of the most thought-after SSC and BPO locations in Europe. Additionally, its micro-location in the south of the old town offers unparalleled access both by car and public transport to the city, airport and the growing residential development community,' said Dan Harris, managing director - Investments at Tristan.
Avestus will act as local operating partner and development manager. The transaction was brokered by Cushman & Wakefield.
