European Property Investors Special Opportunities 3 LP (EPISO 3), an opportunity fund advised by Tristan Capital Partners in joint venture with Avestus Real Estate (Avestus), has acquired a newly developed office park and adjacent expansion land for further development located in Kraków’s fastest growing location for business process outsourcing and shared service center operations.
Dan Harris, Managing Director - Investments, Tristan said: “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.”
The asset comprises three class A office buildings of 29,462 m² which are fully occupied, one class A office building of 5,867 m² under construction that is fully pre-let and is scheduled to be handed over to the tenant in Q1 2016, a land plot adjacent to the existing buildings allowing construction of two additional class A office buildings. The asset is long let to blue-chip tenants such as Cisco and Delphi. Upon final completion, the Asset will comprise more than 50,000 m² gross leasable area and 1,370 parking spaces.
Avestus will act as local operating partner and development manager. Avestus has been active in Poland since 1990 and has developed a number of prestigious office buildings, shopping centres as well as residential projects.
Source: Tristan Capital Partners