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First Property with university support

Alex Hayes 13 June 2018

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

First Property with university support
the property is to be renamed Eximius Park
POLAND First Property has acquired new investors for the Kraków Business Park KBP with EUR 33 mln invested in FProp Phoenix, the holding company for the property.

The new investors include the Willis Towers Watson Partners Fund, Christ Church, Oxford, St Catherine’s College, Oxford and Christ’s College, Cambridge. First Property now holds a 23.4 pct stake in the company and is to be the property manager (for which it is to earn a management fee of EUR 360,000 per annum). When First Property acquired KBP the principle equity was in the form of bank loans that were all in default. This debt of EUR 47 mln has now been restructured.

KBP comprises four class A office buildings with around 50,000 sqm gla. Around half of the space is currently vacant. With the new investment the property is to be renamed Eximius Park.


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