Echo Investment sells Nobilis office building to Catalyst Capital for €44 million
Catalyst Capital, the European real estate investment and fund management firm, has bought Nobilis Business House for €44 million. The building, located on Marii Skłodowskiej-Curie Street in Wrocław, was completed in late 2016.
The building has been acquired by Catalyst Capital’s Catalyst Core Plus European Property Fund, a new €1 billion “evergreen” real estate fund. It has 16,900 sqm of GLA out of which 75 percent is leased to high-quality companies such as Onet Group, City Space, PPG Deco, Smith & Nephew and Synexus medical centre. Catalyst Capital has paid an initial €36 million and the payment of the outstanding amount is expected within 12 months when the fit-out works are completed and the remaining 25 percent of available space is leased. Significant part of vacant space is covered by letters of intentions with tenants, and remaining space is under advanced negotiations.
“Catalyst’s Core Plus fund is acquiring a very attractive office building with good-quality tenants providing solid long-term income. Wrocław remains one of the world’s favored locations for BPO/SSC centers underpinned by a skilled and diverse workforce. The Nobilis building is well-located, designed and constructed, attracting stable and reputable tenants. For Echo, this successful divestment is fully consistent with its strategy of profitable growth. We would like to thank the trust we have been granted by our partner,” said Nicklas Lindberg, CEO of Echo Investment.
Tomasz Doktór, a director of Catalyst Capital, said, “This is our first investment for the Catalyst Core Plus European Property Fund in Poland and we are working on adding further acquisitions to our portfolio in 2018.”