Globalworth snaps up Krakow office project for €134m

Aim-listed property firm Globalworth has completed the purchase of Krakow's Podium Park, one of the most modern office projects in Poland, for a price of €134 mln.

Developed by Podium Investment Polska, Podium Park is a complex of three, interconnected 11-floor buildings with a total leasable area of over 55,000 m2. It boasts a BREEAM Outstanding certificate.

The first phase of Podium Park was delivered to use in 2018. The two remaining buildings remain under construction and the completion of works is scheduled for Q4 2020 and Q4 2021, respectively.

One of the leaders of the fintech industry - the British Revolut - launched its office with over 5,300 m2 in the first building. Ailleron, an IT company, will move into the second building in the upcoming year, occupying nearly 9,000 m2.

'The transaction with Podium Investment Polska is a very strong year-end for Globalworth. In 2019, we bought or secured with a preliminary agreement five office projects with a total target value of around €590 mln after completion of ongoing construction processes,' said Lukasz Duczkowski, head of investments at Globalworth in Poland.

'We are pleased with the fact that Podium Park has gained Globalworth's interest and is included in the portfolio of the largest office investor in the country. This is the best confirmation of the top-tier quality of our project,' added Wojciech Dobrzanski, president of the Management Board at Podium Investment Polska.

During the sales process, Globalworth was advised by Avison Young and KPMG, while Podium Investment was advised by BNP Paribas.

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