First Property Group invests in Kraków offices

Fund manager and investor First Property Group is, in conjunction with a club of investors, to acquire the Pilot Tower office building in Kraków for a total of approximately €23 million. The transaction is expected to be finalized in the second quarter of this year. The acquisition will be funded by a bank loan of up to €15.9 million and cash of around €7.5 million, committed by clients including two family offices and a Cambridge college. First Property Group intends to co-invest €1.5 million with the other investors. “I am very pleased by the investment made by our clients and ourselves in this striking new office building in Kraków, Poland. It is in a prime location, boasts state-of-the-art facilities and is fully let at rent levels that offer room for growth in due course,” said Group CEO Ben Habib. Completed in 2014, the Pilot Tower building was developed by UBM Polska. It offers approximately 10,000 sqm of class-A office space and around 400 sqm of retail and service area.

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