CA Immo signed and closed a sales and purchase agreement to acquire the centrally located Warsaw Spire C office building comprising of 21,700 sqm GLA in Warsaw, Poland. The transaction volume of the fully leased landmark Class A property amounts to around €100 million, the annual gross rental income reaches around €5.4 million. With this transaction, CA Immo takes another step in its CEE core market expansion strategy, setting the path for continued growth of the companies´ recurring earnings. According to plan, the acquisition will already contribute to recurring earnings (FFO) of CA Immo in the fourth quarter of 2018. Greenberg Traurig (legal), KPMG (tax) and Arcadis (technical) acted as advisors to CA Immo.
Andreas Quint, CEO of CA Immo said: "This acquisition further strengthens our presence in one of the most attractive micro-locations in central Warsaw, which is one of the most dynamically developing markets in CEE. The Warsaw Spire Building C is a high-quality landmark scheme; it will provide us with secure cash flow, strengthen and rejuvenate our portfolio on the Warsaw core market and perfectly complements our recent acquisition in Warsaw, the adjacent Spire Building B."
The seller of Warsaw Spire Building C is the developer Ghelamco Poland, who completed the Warsaw Spire condominium in 2015 and still holds the office tower in the complex, together with Madison International Realty, a major investor in real estate across the US and in Europe. In contrast to Warsaw Spire Building B, which is entirely occupied by the Headquarters of Frontex (the European Border and Coast Guard Agency of the European Union), Warsaw Spire Building C is a multi-tenant building.
The Warsaw Spire complex consists of three buildings: a 220-metre tall office tower (Spire A) and two flanking buildings of identical size and shape (Spire B and C, both now owned by CA Immo). Warsaw Spire Building C offers 21,700 sqm GLA as well as 241 underground parking spaces and is located near Rondo Daszyńskiego, which is becoming the new commercial hub of Warsaw.