January 21, 2020

Equal Business Park in Krakow changes owner

Equal Business Park in Krakow changes owner

The office complex Equal Business Park in Krakow, designed & developed by Cavatina Holding, will be transfered to a new owner. The developer has just signed a preliminary sale and purchase agreement for four buildings offering a total of over 60,000 sqm of Class-A office space. The buyer of the well-recognized project in Krakow is a JV managed by Apollo-Rida Poland.

In recent years, Cavatina Holding’s projects, built in leading Polish cities, have aroused unflagging interest among prestigious tenants as well as new investors. The rapid pace of commercialization, highest quality of architecture and excellent locations are the distinguishing features of the company's projects that attract new owners.

"The process of implementing the Company's investment assumptions is extremely dynamic. The huge interest in our Park as well as the leasing processes at the building D that’s still under construction is a reason to be proud. Equal Business Park is our flagship project in Krakow, which has met with great acceptance on the local market. That fact refers to attention of new investors. At the end of 2019, Cavatina has launched five new mixed-use projects, which will deliver over 235,000 sqm of Class-A office space to the Polish commercial real estate market,” said Daniel Draga, Member of the Board at Cavatina Holding.

The new owner of the complex in Krakow will be the consortium managed by Apollo-Rida Poland, which has been present on the Polish commercial real estate market since the beginning of the 90s and was created by David Mitzner, an icon and pioneer of the real estate market in Poland. The company implements development and investment projects in the field of office, warehouse and commercial properties.

"We are very pleased that Equal Business Park will become a part of our investment portfolio in Poland. It is one of the most attractive office complexes in Krakow, perfectly located and offering great standard of office space, unrivalled quality of internal and external common areas as well as comprehensive amenities for its occupiers,” commented Rafał Nowicki, President of the Board, Apollo-Rida Poland

Equal Business Park is an investment consisting of four class-A office buildings. The complex is located in Kraków's Podgórze district at Wielicka St. In addition to access to comfortable office space, users has the numerous services present in the project: canteen, bookshop, kindergarten, beauty salon, cafe, grocery and green areas enriched with small architecture and art. The 4th stage of the investment is currently being implemented. Building D will provide over 11,300 sq m. of comfortable space for work In total, Equal Business Park delivers about 60,641 sq m. of office and retail space. Complex was chosen by the renowned companies such as: Integer (InPost), Sii, QVC, Kimberly Clark, Aptiv, Equiniti, Kingfisher, Delphi Technologies, Regus and Krakowskie Zakłady Automatyki.

In 2016, building B of the Equal Business Park complex was honored with the title of Best Office Building in the capital of Malopolska in the „Atut Krakowa” plebiscite organized by the City Hall. Two years later, the same building was awarded for its architectural design in the „Property Design Awards 2018”.

The seller was advised by CBRE and Dentons and the buyer by JLL, Penteris and Deloitte.

"The sale of the Equal Business Park complex confirms that Cavatina Holding is currently one of the most significant developers in Poland, which perfectly prepares assets for the needs of demanding institutional investors in terms of the length and quality of lease agreements as well as the quality of delivered buildings. The transaction and its scale shows the unflagging interest of investors in Poland and investments in regional cities. The purchase of such a significant complex is also a preview of the continuation of the trend from the previous year, which was another record-breaking time at the commercial real estate market with a total transaction volume of around EUR 7 billion," added Przemysław Łachmaniuk, Director - Investment Properties, CBRE.

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