WestImmo finances A-Class Office Building "Avatar" in Krakow, Poland

The transaction was successfully arranged, underwritten and completed in December 2010.

The building offers 11,497 m² of rentable area and 2-level underground parking with 200 parking spaces. The scheme was completed in February 2010 by the reputable Polish developer Echo Investment SA. Avatar is 100% let to BNP Fortis Bank Polska on a long term basis.

The city of Krakow, former capital of Poland, is one of the largest and oldest cities in the country with over 750,000 inhabitants. Avatar is prominently located in the north-west part of Krakow, 3.5 km from the old town and the city centre.

Javier Rodriguez, AZORA International, commented: “AZORA is very happy to be able to close this transaction with professional partners: WestImmo and Echo Investment in still very challenging real estate market. The deal proves attractiveness of polish real estate sector in regions which provide the properties with the highest quality like Avatar.”

Martin Erbe, Head of Continental Europe at WestImmo, commented: “WestImmo is very pleased to be an important and ongoing bank partner for AZORA providing financing for such an interesting investment transaction. All partners including Echo Investment SA as seller managed to close such this deal despite the difficult market situation and the still ongoing turmoil on the capital markets. The property provides a very high class quality and proves that there are chances for banks and investors in regional markets as well.”