Dentons’ Real Estate team advised European Property Investors Special Opportunities 3 LP (EPISO 3) fund managed by Tristan Capital Partners on the acquisition of Enterprise Park and adjacent land in Kraków, a Polish regional city.
Enterprise Park is one of the largest office complexes in Kraków, developed by Prague-based Avestus Real Estate between 2012 and 2014. Four A-Class buildings were acquired, including three fully-let buildings with a combined GLA of 29,500 sqm and one currently under construction.
Two additional office buildings are planned to be built in the area. Upon completion, Enterprise Park will offer a total of more than 50,000 sqm of GLA. Avestus will act as local operating partner and development manager. The Dentons team was led by Paweł Dębowski, Chairman of the European Real Estate Group.
Paweł Dębowski said: “Kraków is one of the key office markets in Poland and thus it attracts increasing interest of both international and Polish investors. They include, among others, Starwood Capital Partners, which in late 2014 increased its portfolio with the Quattro Business Park office complex and now Tristan Capital Partners. Domestic investors include funds like REINO Dywidenda FIZ, which also acquired Kapelanka 42 from Skanska Property Poland. Dentons has had the pleasure of observing this trend when advising clients on those projects.”
“Investor interest does not come as a surprise, having seen the constantly growing demand for high standard office space in Kraków. It is driven mainly by companies from the modern business services sector for which the city has become a key office location for their operations in Poland and Europe,” Dentons’ Maciej Ryniewicz added.