Avestus Real Estate, formerly known as Quinlan Private, has announced the start of construction for Enterprise Park, a new office complex located in the Polish city of Krakow.

The Class-A development project consisting of three buildings will be built in two phases. Phase I consists of a 15,000 m2 speculative development scheduled to be completed in September 2012. It will include a restaurant, child care facility, medical centre and retail services as well as nearly 300 parking places.

Construction financing has been secured with the Polish arm of Austria's Raiffeisen Bank and construction will be carried out by Eiffage Budownictwo Mitex.

'There is no new speculative office development in the central districts of Krakow today and we expect to meet future demand in a low-vacancy market in 2012. Today, demand in Krakow is very strong,' said Guy Speir, leasing and marketing director for Avestus Real Estate across the CEE region.

In a statement on Tuesday, Avestus said it is in discussions with a number of potential tenants and hopes to announce a pre-lease agreement by the end of 2011.

With offices in Prague, Warsaw, Bratislava, Budapest, Bucharest, Zagreb and Vilnius, Avestus Real Estate is the full-service development arm of Avestus Capital Partners, a leading international real estate investor based in Ireland.