Fund manager and investor First Property Group has revealed it has secured a group of investors who will invest approximately €33 million of new equity in the Kraków Business Park office complex that the company acquired in September last year. The complex consists of four office buildings comprising a total of around 50,000 sqm of GLA, half of which is vacant, and offers room for additional development.
At the time of the purchase, its value was compromised by bank loans secured on the properties, which were all in default. Since then, the loans – totaling €47 million – have been restructured and the debt is no longer in default. The planned investment is meant to reposition the office park that will soon be renamed Eximius Park.
“We fully expect to make Eximius Park the best business park in and around Kraków. The buildings on the park provide excellent office space, but we shall be expanding its facilities to make it a home away from home for its tenants,” said Ben Habib, group chief executive at First Property Group. He added that the company’s plans include a new sports ground, a park area, a kindergarten, new retail facilities, additional parking spaces and a refurbished railway station with a frequent service to the center of the city.