Cain International, the privately held investment firm operating in the United States and Europe, and its local development partner, White Star Real Estate, have secured a €36 million financing facility from PKO BP, for the delivery of The Park Kraków.
The development will comprise eight buildings and provide 100,000 sqm of new Grade A campus-style office accommodation and is well located at the intersection of Kuklińskiego and Saska Streets in near proximity to both the Kraków Płaszów train station as well as numerous bus and tram stops. Construction started in June 2020, with Building 1 already more than 70 percent pre-let and due for completion in Q2 2022.
The Park Kraków will offer tenants flexible, open and dynamic office space that can be easily configured to suit tenant needs, as well as more than three hectares of biophilic-inspired design and green space in a vehicle-free courtyard in the centre of the development, including carefully curated greenery, water elements, natural materials, significant natural light throughout, and spacious terraces as part of the top floors of the development. It was one of the seed assets in Cain’s European Real Estate Opportunity Fund I (‘EREO I’), the debut European fund by the firm which closed in May 2021 with commitments totalling €324 million.
“We remain extremely confident in the role that offices will play in the growth of leading cities,” said Daniel Harris, Managing Director, Head of European Investment at Cain International. “The Park’s unique workplace experience, combined with its prime location and thoughtful design puts it in a position to be a trophy asset in one of Poland’s most dynamic cities. This is an important milestone and we look forward to continuing to work with our partners on the delivery of this exciting project.”
Bartek Prytula, Managing Partner at White Star Real Estate Group said: “We are very pleased that our proven track record in developing campus-style office parks has enabled us to forge a long-term relationship with such a reputable institution as PKO BP. Securing this important financing from PKO BP and the execution of the first release for over 70 percent of the space in Building 1 were important milestones for The Park Krakow and a strong indicator of the asset’s quality and appeal, further confirmed by the strong leasing pipeline that we have built over the last year in spite of challenging market conditions.”
“We were delighted about the opportunity to be part of this unique multiphase campus-style office park in Krakow. We appreciate the holistic design of The Park, particularly its emphasis on health and wellbeing features, which remain crucial in today’s working environment. We are convinced that this new financing facility will further accelerate the development of this project” comments Agata Gola, Head of Property Finance at PKO BP.