July 06, 2017

Octava FIZAN finalises the acquisition of 11 properties

Octava FIZAN finalises the acquisition of 11 properties

Octava FIZAN has finalised the acquisition of 11 properties through the purchase of 30 entities owned by the BPH FIZ Sektora Nieruchomości in liquidation and BPH FIZ Sektora Nieruchomości 2 in liquidation. The new owner of the portfolio was represented by real estate advisor Savills.

Disposal of BPH Fundusz Inwestycyjny Zamknięty Sektora Nieruchomości in liquidation and BPH Fundusz Inwestycyjny Zamknięty Sektora Nieruchomości 2 in liquidation, managed by BPH Towarzystwo Funduszy Inwestycyjnych S.A., is a key phase of the funds’ liquidation process that started 29th of December, 2015.

The transaction was finalised after the fulfilment of various conditions precedent and after obtaining the approval from the Office of Competition and Consumer Protection. The parties did not reveal the value of the acquired assets.

The property portfolio totalling 140,000 sqm consists of 11 office and retail buildings, including Centrum Krakowska 61, Renaissance Tower, Eureka Park complex, Viking House, Rodan, Onyx office building in Kraków, Media Markt in Chorzów and Carrefour in Bolesławiec. After the transaction, Octava FIZAN holds 19 commercial real estate assets totalling 210,000 sqm of gross leasable area.

“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 financial institutions: Aareal Bank, Alior Bank, BZ WBK and Westdeutsche ImmobilienBank,” said Piotr Rymaszewski, President of the Management Board, Octava Asset Management.

“Acquisition of the portfolio, diversified in respect of location and function, allows us to increase the scale of our investments and strengthen our position on the market,” added Bogdan Kryca, Partner, Octava Asset Management.

“We are happy we had an opportunity to advise in such large and complex transaction,” said Marek Paczuski, Director in Investment Department at Savills Poland. “Octava FIZAN is steadily building its real estate portfolio and the new assets give it an opportunity for further development of the group.”

Octava FIZAN, a non-public, closed-end investment fund, is a part of a capital group controlled by Elliott Group and Octava S.A. The buyer was advised by Savills and law firms Magnusson and Dubiński Fabrycki Jeleński.

BPH TFI SA and the acquired SPVs were represented by JLL and Weil, Gotshal and Manges.

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