CA Immo signed and closed a sales and purchase agreement to acquire Building B of the Warsaw Spire office complex, comprising of 21,600 sqm GLA. The transaction volume of the fully rented asset amounts to around €100 million, the annual gross rental income reaches around € 6 million. With this transaction, CA Immo fulfils one of the last strategic and budgeted targets announced for 2017.
The seller is the developer Ghelamco Poland, who completed the building in 2015. Warsaw Spire Building B is primarily occupied by the headquarters of Frontex – the European Border and Coast Guard Agency of the European Union. Frontex commenced its 10 years lease in Q1 2015.
With this transaction, CA Immo strengthens its presence in the core market Warsaw, where it currently holds an investment portfolio worth around €290 million. According to plan, the acquisition will already contribute to recurring earnings (FFO) of CA Immo in the fourth quarter of 2017. Greenberg Traurig (legal), KPMG (tax) and Arcadis (technical) acted as advisors to CA Immo.
"The Warsaw office market is highly dynamic, with only a limited number of core investment opportunities. Housing a European Union tenant with a long-term commitment to the property, the Warsaw Spire Building B is a high-quality landmark scheme and a valuable addition to our core portfolio. It will provide us with secure cash flow, strengthen our portfolio on the Warsaw core market and is a perfect complement to our high-growth development activities in Germany”, Frank Nickel
, CEO of CA Immo commented