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First Property secures €33M of capital commitments for Polish business park

First Property Group PLC received €33 million of new capital commitments from third-party investors for its Krakow Business Park in Poland.

The company bought the principal operating companies, which owned most of the properties in the park, in September 2017.

Alongside the investors — a group that includes the Willis Towers Watson Partners Fund; Christ Church, Oxford; St Catherine's College, Oxford; and Christ's College, Cambridge — First Property now owns a 23.4% stake in the property's holding company, Fprop Phoenix Ltd.

First Property said it is not participating in the fundraising process and its share will be treated as an associate.

The 50%-let park, which comprises of four class A office buildings with a gross leasable area of roughly 50,000 square meters, will be rebranded as Eximius Park in June or July.