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Poland EREF buys BIG in Kraków

Investment & finance
Eika Real Estate Fund has acquired the BIG office in Poland, in the central part of Kraków, which is let to State Street Bank. The fund plans to further expand its investments in logistics, offices and retail parks in Poland.

Built in 2018, the BIG office, which has been awarded a BREEAM New Construction Excellent rating, offers almost 11,000 sqm. EREF will also acquire a plot of land owned on a freehold basis, which is a rare opportunity for the city centre. The developer of the office building is Ghelamco Poland.

Currently, only 6.1 pct of the space is vacant, the negotiations for which are underway with potential tenants. The building’s largest tenant is State Street Bank.

For investors, Poland currently offers great investment opportunities. With foreign investors retreating from Poland, the majority of its office market liquidity has concentrated in Warsaw, leaving the regional city office market liquidity scarcer. As a result, we are in a position to negotiate with large international players and acquire offices at attractive prices that were not available before.
Viktorija Orkinė, head of Eika Asset Management

‘EREF’s value-add strategy capitalises on the team’s expertise in real estate management, development and the ability to distinguish acquisitions in sectors that currently offer the highest risk-adjusted returns. The fund will continue investing in logistics, offices and retail parks in Poland.

At the moment, high quality assets with stable cash flows in Poland can obtain competitive financing from both local and foreign (German, Austrian) banks. Poland is the star of the Central and Eastern Europe and the strength of its economy offers great investment opportunities.
Viktorija Orkinė

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Edition 10 (292) September 2024

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