Azora Group buys the Avatar building from Echo Investment (PL/ES)

Azora International Group and Echo Investment have signed the preliminary purchase and sale agreement of the AVATAR office building located on Armii Krajowej street in Krakow.


The 11,000-m² Avatar office building was finished in Q2 2010.

The agreement concerns the newly built modern office facility, where the Krakow office of BNP Paribas Fortis Polska bank has been located for a short time.

Avatar is a modern, nine-story, class A office building located in the western part of Krakow (the Bronowice district) on one of the main lines of communication in the city – Armii Krajowej street. Therefore one of the assets of the building is its good connections to both the city center and Balice airport.

The 11,000-m² office building has over 260 parking spaces located both above ground and in a two-story underground car park. 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 the security, monitoring and access control systems. Avatar is an energy-saving building with above standard energy performance indicators.

The author of the design is the architectural studio DDJM Biuro Architektoniczne Ltd from Kraków. Construction of the facility started in Q4 2008 and finished in Q2 2010.

On the day of the agreement signing the buyer assumes all rights to the facility and the land it is located on.

"The sales process lasted just under five months. Spanish Azora International Group, was finally selected for negotiations. 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.

"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," said Adrian Karczewicz, director of project financing at Echo Investment, who was responsible for the sales process.

The value of the agreement amounts to €30.5 million (approx. PLN 121.66 mln.). The document is to be signed by the end of December 2010.

Echo Investment was represented by Jones Lang LaSalle in the sales process.

Source: Echo Investment

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