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BNP Paribas Real Estate Poland represented First Property in the acquisition of Krakow Business Park

Following the acquisition and restructuring of the bank loans secured on the office park First Property has now secured commitments from a group of investors to invest some €33 million of new equity in Fprop Phoenix Ltd, the holding company for KBP. Dr. Piotr Goździewicz, MRICS, Director Capital Markets CEE and Rafał Proczek, Senior Consultant Capital Markets CEE, BNP Paribas Real Estate Poland acted for First Property on the buy-side in its acquisition of KBP.

KBP comprises four Class A office buildings with a gross leasable area of some 50,000 sqm, located close to Krakow International Airport. After the acquisition, the complex has been renamed Eximius Park. Among the complex’s tenants there are companies such as ABB, Assa Abloy, UBS, UPM.

We fully expect to make Eximius Park the best business park in and around Krakow. The buildings on the park provide excellent office space but we shall be expanding its facilities to make it a home away from home for its tenants. Our plans include a new sports ground, park area, additional car parking, a free bus service for all tenants, a refurbished railway station with an improved frequent service to central Krakow (some 15 minutes away), new retail facilities, top of the range restaurants, a kindergarten and much much more. And en route we expect to earn good returns for our shareholders and our investors in the Park - Ben Habib, Chief Executive of First Property Group.

Krakow being one of the strongest Polish regional office markets continues its further dynamic growth with its prime yield dropping to the level of 6% this year and the vacancy rate reaching the level of 9.1% with the take-up exceeding  41,500 sqm in Q1 2019. Based on the latest Tholons Services Globalization City Index 2017 Ranking, Kraków is the second-best location in Europe and the eighth one globally for BPO and SSC centres - Piotr Goździewicz, Director, Capital Markets, BNP Paribas Real Estate Poland.

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