13th Feb 2017 07:51
LONDON (Alliance News) - First Property Group PLC on Monday said it has partnered with a group of investors to buy the Pilot Tower site in Krakow, Poland, for EUR23.0 million.
Completion of the acquisition of the office building is expected to take place in the second quarter of 2017. First Property said Pilot Tower generates a net operating income of EUR1.9 million a year, equating a net initial yield on the property of 8.3%.
First Property said the deal is backed by a EUR15.9 million bank loan and by cash of EUR7.5 million, provided by two family offices, an unnamed college in Cambridge in the UK and other First Property clients.
"I am very pleased by the investment made by our clients and ourselves in this striking new office building in Krakow, Poland. It is in a prime location, boasts state-of-the-art facilities and is fully let at rent levels that offer room for growth in due course," said Ben Habib, First Property's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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