White Star Real Estate, and Cain International obtained a EUR 36 million construction and investment loan from PKO BP for the construction of The Park Kraków complex. The investment, located in Krakow’s Podgórze district, will consist of eight buildings and will provide 100,000 sqm. of class A office space. Construction began in June 2020, and the first building is over 70% leased and is to be put into use in the second quarter of 2022.
The Park Kraków will offer modern office space that can be easily adapted to the needs of tenants. The complex was designed in accordance with the principles of biophilic design, which, as confirmed by research, supports productivity, creativity and affects the well-being of employees. The entire project will be implemented on an area of approximately 5 hectares, of which 3 hectares are undeveloped and fully car-free with lots of carefully selected greenery, small architecture, relaxation zones and a wide range of amenities.
The project is one of the assets of the European Real Estate Opportunity Fund I (EREO I), which closed in May 2021 with liabilities of EUR 324 million.
“We are sure that offices such as The Park Kraków will play an important role in the development of cities,” said Daniel Harris, Managing Director, Head of European Investments at Cain International. “Facilities for employees combined with an excellent location and thoughtful design make The Park Kraków a gem in the crown of one of the most dynamically developing cities in Poland. This is an important moment for the project and we are looking forward to the next steps.”
“We are very happy that our office park projects so far have allowed us to establish long-term cooperation with such an important institution as PKO BP. The acquisition of this financing and the signing of the first pre-let agreement for over 70% of the space in the first building were milestones for The Park Kraków. This and a good lease strategy confirm the quality of the project that we are developing despite difficult market conditions.” Bartosz Prytuła, Managing Partner at White Star Real Estate is speaking.
“We were delighted to be part of this unique, multi-phase office complex in Krakow. We appreciate the investment of The Park Kraków, in particular designing for the comfort of the employee, which is crucial in today’s work environment. We are convinced that the signed loan agreement will accelerate the development of the project even more, “comments Agata Gola, Director of Real Estate Financing at PKO BP.
Project information:
The Park Kraków will ultimately consist of 8 office buildings with approx. 100,000 sq m of office space available. m2, high-quality lease area. The construction of the first building as part of The Park Kraków began in mid-2020. “Green” solutions. Photovoltaic panels will be installed on the roofs, and a water optimization system will be implemented in the buildings, where rainwater will be used for watering greenery. The entire complex has also been designed in accordance with the principles of biophilic design that use the potential of nature – vegetation, light, water and air. The investment at 25 Saska Street will be the largest office project in the capital of Małopolska so far. The project assumes that on each floor of the office building there will be approx. 240 workstations, which in total gives 9.6 thousand. places for office workers in the entire complex.
