Renaissance Tower Office Building – Warsaw
Acquired in mid-2017 by the Onyx team, on behalf of Octava Property Trust.
- Renaissance Tower is a ca. 18.7k square meter GLA office building centrally located in Warsaw’s Wola district, .
- This over-leveraged, 50% vacant property was acquired for a low price, in agreement with the bank to conditionally write-off a portion of the debt.
- Onyx carried-out the re-commercialisation and refurbishment of the property which is on track of achieving a 100% occupancy by the end of 2019.
Okęcie Park Shopping Center – Warsaw
Acquired by Onyx in mid-2017, on behalf of Octava Property Trust
- Okęcie Park (formerly Centrum Krakowska 61) is a ca. 80k GLA house furnishings retail park with Auchan hypermarket and office complex located near the Okęcie airport in Warsaw.
- Upon its acquisition by OPT in 2017, the property suffered from years of underinvestment, a low WAULT and a ca. 10k square meter GLA (over 12%) structural vacancy of over 4 years.
- Onyx undertook an aggressive recommercialisation and refurbishment programme comprising capital investments of ca. EUR 10 million . As at August 2019, the property had a WAULT of 9 years and was 100% occupied.