Knight Frank advises on the sale of Pilot Tower in Cracow

23 June 2017

Pilot Tower, an office building formerly known as Alma Tower, was sold. Knight Frank advised UBM during the sale transaction. The new owner of the property is a company from the First Property Group. 

‘The sale Pilot Tower has been one of the most noticeable deals done on the market recently. Its key aspects were the change of the major tenant and re-naming the property itself already in the course of the transaction process. Thanks to the high standard and the owner’s pro-active approach, Pilot Tower was fully re-leased at the day of the transaction. This shows the value of the property.’ – said Krzysztof Cipiur, Associate Director, Capital Markets at Knight Frank.

Pilot Tower is a modern office building characterized by its unique architecture. The property is located at the Rondo Młyńskie in Cracow. It offers a total lease area of 10,700 sq m. Office and service spaces are located on thirteen floors. The office building has a three level underground car park. Amongst the tenants of Pilot Tower are i.a.: the Onet group (the largest tenant), Vistula, Kruk or PZU.

‘Pilot Tower is our first office investment in Cracow and already a successful one, proved by the fact that the property is leased in 100%. Thanks to the commitment of all parties the deal was done in an exemplary manner. As we see a lot of potential in Cracow, the end of this year will see the handover for use of Kotlarska 11 – another property we own and it will not be the last one.’ – added Peter Obernhuber, Member of the Board at UBM Polska.

UBM, active on the Polish market since 1993, develops commercial, hotel and residential real estate. The company focuses on three main locations in Poland where its offices are located: Warsaw, Cracow and Wroclaw. The InterContinental hotel in Warsaw is among the flagship investments completed by the company. UBM has also renovated the historical office building from 1886 in Plac Trzech Krzyzy in Warsaw. Among the projects in the company’s portfolio are i.a. the biggest business park in CEE – Poleczki Business Park, the modern office complex in Wroclaw’s historical centre – Pegaz and the boutique office project Kotlarska 11 in Cracow.

First Property Group, a company under British law, listed on the London Stock Exchange,  is an investment fund manager and investor active also in the UK and Romania. Since 2005, the company has done over 30 deals on the real estate market in Poland. Its current portfolio includes i.a. the Warsaw office properties: Blekitny Wiezowiec, Chalubinskiego, Zoliborz Plaza as well as the Corso shopping centre in Swinoujscie or the Galeria Ostrowiec in Ostrowiec Swietokrzyski.