PAREF Gestion announces the acquisition of a new office complex in Poland on behalf of the SCPI Interpierre Europe Centrale.
Krakow is Poland’s second largest city and benefits from a particularly attractive and dynamic economic environment (young and highly qualified workforce, unemployment rate of 2.8%*). The city is home to many multinational companies in the service and technology sectors and in just a few decades has become an essential destination for the development of companies in the new technologies sector.
This prime asset is ideally located in the historic center of Krakow, close to the city’s main railway station. Due to its central location, the asset is also easily accessible by tram and bus, with many lines in the immediate vicinity.
This handsome property complex is part of an urban regeneration project carried out between 2014 and 2016, with a total area of almost 7,500 sqm. It is made up of 3 buildings: the first one of more than 2
6,000 sqm on ground floor+4, the second one of 800 sqm on ground floor+1, and the third one of 600 sqm on ground floor. Representing 80% of the project, the first building has received BREEAM “Very Good” certification (certificate ref. No. BREEAM-0061-2705 – New construction) and has been able to keep its vaulted cellars inherited from the former brewery that stood on the site.
The office space is occupied by high profile tenants who have invested heavily in their premises including CentralNic, a UK multinational among the leading global internet service provider, YGGDrasil, a multi-award winning Swedish online games provider and a leading player in the VTC market.
The acquisition of this asset is partly realized by drawing down a credit line from HSBC Bank.
“This new acquisition significantly enriches the portfolio of the SCPI Interpierre Europe Centrale. Initiated a few months ago, we are delighted to have completed this high-quality transaction and to have received the support of our banking partners. This property complex is fully in line with the responsible investment strategy that PAREF Gestion intends to deploy in its funds. Moreover, Krakow is one of the most dynamic cities in Poland and remains an active destination for foreign capital despite the conflict in neighboring Ukraine”, says Anne Schwartz, Managing Director of PAREF Gestion.
* Source: Krakow Statistical Office, February 2022.
As of December 31st 2021, PAREF has €2.7Bn assets under management.
The Group operates in two major complementary areas : (i) investments owned by SIIC PAREF primarily in commercial real estate in the Paris region (€0.2 bn asset) and (ii) management on behalf of third parties by PAREF Gestion (€1.8bn), AMF-certified management company, and by PAREF Investment Management (€0.7bn).
PAREF is a company listed on Euronext Paris, Compartment C,
Source : PAREF