Avestus has begun construction on Enterprise Park, its office park scheme in Krakow. In all, three buildings are to be built, with the first phase planned to offer 15,000 sqm of space by September 2012. Construction financing is being provided by Raiffeisen Bank Polska, and the construction is being handled by Eiffage Budownictwo Mitex.
“There is no new speculative office development in the central districts of Krakow today and we expect to meet future demand in a low vacancy market in 2012. Now, the demand in Krakow is very strong,” says Guy Speir, Leasing and Marketing Director for Avestus Real Estate.
Warsaw-listed developer Echo Investment has agreed preliminarily to sell its freshly delivered Avatar office project in Kraków to Azora International Group. The value of the agreement is €30.5m. The deal will be finalized by the end of 2010. Echo Investment was represented by Jones Lang LaSalle in the sale process.
In agreeing the Avatar sale, Echo fulfills its sales plans that it made public in June and on which CiJ reported in its summer issue.
Avatar is a modern, 9-storey, class ‘A’ office building located in the western part of Kraków (the Bronowice district) on one of the main lines of communication in the city – Armii Krajowej street. There are over 11,000 sqm of office space available in the building and a total of over 260 parking spaces.
DDJM Biuro Architektoniczne designed the building. Its construction started in late 2008 and finished in Q2 2010.
TriGranit and IPR have opened Bonarka City Center in Kraków through their joint venture vehicle Roland Investments. With 270 units, the 91,000 sqm shopping center’s debut marks the end of the project’s €30m first phase which will eventually be extended to include office and residential components. Two thousand local under-privileged children received vouchers for Christmas gifts as part of the opening. Sources hint the two companies could be cooperating in Bratislava in a new entertainment hub being spearheaded by TriGranit.