PL

EPG buys 12.3 pct stake in Capital Park

Investment & finance
POLAND Stockholm-based real estate investor and fund manager Europi Property Group has acquired a 12.31 pct stake in Polish office and mixed-use developer Capital Park.

According to an EPG press release, it had been “tracking” Capital Park since late last year as it was looking for an opportunity to enter Poland, one of its “high-conviction target markets”. This opportunity arose due to the outbreak of the pandemic in March, allowing the stake to be acquired “at an attractive discount” from MetLife OFE, which has thus divested its entire shareholding.

EPG was launched last year by Swedish investor Brunswick Real Estate Ventures and former Blackstone executive Jonathan Willén.

“We’re very pleased to have partnered with one of the country’s most experienced local real estate players. We look forward to selectively expanding our portfolio and working with Capital Park (and Madison) on its current portfolio as well as sourcing further opportunities. EPG is extremely well positioned to capitalise on opportunities coming out of the current crisis, and we are constantly assessing dislocations and distressed opportunities in our target markets. While we think there is some further pain to come, interesting opportunities are slowly beginning to emerge, and we’re focused on finding the best risk-adjusted investments for our shareholders,” comments EPG's CEO Jonathan Willén.

Capital Park, which has been listed on the Warsaw Stock Exchange since 2013, is still controlled by Madison International Realty, which bought its 66 pct stake from Patron Capital in 2019. Its most notable project is the 65,000 sqm Norblin mixed-use development in Warsaw, which is set for completion in Q2 2021.

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