Catalyst Capital, the European real estate investment and fund management firm, has bought an office property in Wroclaw, Poland, from Echo Investment for €44 mln.
Nobilis Business House, which was completed in 2016, comprises 16,900 m2 of GLA, 75% of which is leased to tenants including Onet Group, City Space, PPG Deco, Smith & Nephew and Synexus medical centre.
The building has been acquired by Catalyst Capital’s Catalyst Core Plus European Property Fund, a new €1 bn 'evergreen' real estate fund.
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9 January 2018
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‘This is our first investment for the Catalyst Core Plus European Property Fund in Poland and we are working on adding further acquisitions to our portfolio in 2018,' commented Tomasz Doktór, a director of Catalyst Capital.
The fund has paid an initial €36 mln, while the payment of the outstanding amount is expected within 12 months when the fit-out works are completed and the remaining 25% of available space is leased.
A significant part of vacant space is covered by letters of intentions with tenants, and remaining space is under advanced negotiations.
'For Echo, this successful divestment is fully consistent with its strategy of profitable growth,' concluded Nicklas Lindberg, CEO of Echo Investment.
