London, England, 14 March 2022 – Cain International (‘Cain’), the privately held investment firm operating in the United States and Europe, has agreed nearly 47,000 sq m of lettings in the last year across assets held in its European Real Estate Opportunity Fund I (‘EREO I’).
Alongside its joint venture partner, FREO Group (“FREO”), Cain has agreed the first letting at Koryfeum, an 80,400 sq m office development in Munich. The joint venture partners have agreed an 11-year lease for 4,200 sq m with Bechtle AG, the largest business-to-business IT service provider by revenue in Germany. Due to take occupancy in April 2023, Bechtle’s employees will benefit from a range of campus amenities, including restaurants and sports and recreational facilities. The campus also holds strong ESG credentials including WiredScore and DGNB certifications and e-charging points for bicycles and automobiles.
In Warsaw, Cain and its local partner, White Star Real Estate, have agreed a 1,800 sq m, five-year lease with ENGIE, the global energy and services group, at PZO, a 25,000 sq m mixed-use scheme in Warsaw’s Praga district on the site of the former Polskie Zakłady Optyki factory. This follows the completion of sales of the residential element of the project which comprises 120 apartments as well as the 13,500 sq m lease to ZTM, the capital’s Public Transport Authority, making the building 100% pre-let ahead of completion.
In Krakow, Cain and White Star Real Estate have agreed a 7,221 sq m lease with 4F at The Park Krakow. This is understood to be one of the largest pre-lets in the region for the period. The Park Kraków will offer tenants flexible and sustainable office space that can be easily configured to suit tenant needs.
The investment firm has also agreed nearly 20,000 sqm of leases across its Spanish portfolio in the last year.
“Robust leasing activity across our European platform is a strong endorsement of our strategy to provide high-quality office spaces that are situated in places people want to spend time. Quality and location have always been fundamental to the success of an office, but as we enter the age of hybrid working, they have never been more important,” said Richard Pilkington Senior Managing Director, Head of European Real Estate at Cain International. “Koryfeum is set to bring a new class of office space to the supply-constrained Munich-Unterschleissheim submarket, occupier demand has resultingly been strong and we are pleased to welcome a tenant of Bechtle AG’s calibre as the scheme’s first tenant.”
Cain International and FREO were advised by BNP Paribas Munich, Graf Real Estate GmbH and GSK Munich.
JLL, CBRE and Nuvalu PL advised Cain International, FREO Group and White Star Real Estate on The Park, Korfyeum and PZO respectively.