Eastnine has entered into an agreement with Ghelamco to acquire the 40-storey office property The Bridge in Warsaw at an underlying property value of €300 million. The transaction, which is subject to financing, is expected to close during the fourth quarter of 2026. The acquisition will make Warsaw Eastnine's largest market.
The Bridge is a newly developed 174-metre-tall office property located in Warsaw’s central business district, 500 metres from Eastnine’s Warsaw Unit property. Completed in 2025 by the Belgian developer Ghelamco, it comprises 55,300 sqm of lettable area and 280 parking spaces. The building holds certifications including BREEAM Outstanding, Well v2 Platinum, DGNB, SmartScore and WiredScore Platinum. The property also includes the Bellona, a five-storey historic building that has been refurbished and integrated through a common lobby.
The property is 92 per cent let to seven tenants, with the two largest together leasing 76 per cent. Erste Bank Polska, part of Austrian Erste Group, leases approximately 25,000 sqm across the top 19 floors for its Polish headquarters. Visa recently signed a lease for approximately 17,000 sqm for its technology and product hub in Poland. Other tenants include Grant Thornton, Astellas, Instytut Francuski and EssilorLuxotica. The annual rental value amounts to €18.2 million, and the average lease term exceeds ten years, with agreements on a triple net basis and annual indexation linked to European inflation.
The transaction, to be completed as an asset acquisition from the Polish company “Ghelamco The Bridge”, is expected to close in the fourth quarter of 2026. The purchase price is based on an underlying property value of €300 million, less rent related to unoccupied premises and outstanding tenant improvement costs and rent-free periods. The preliminary purchase price amounts to approximately €260 million. The acquisition will be financed with existing cash, a five-year secured bank loan of €180 million from Erste Group, and proceeds from refinancing of debt in the existing property portfolio. No share issue will be required.
"With the acquisition of The Bridge, we are doubling our market position in the city, and Warsaw becomes Eastnine’s largest individual market," says Eastnine’s CEO Kestutis Sasnauskas. As a result of the transaction, Eastnine’s profit from property management per share is expected to increase to €0.371 once all tenants have taken possession, representing an increase of 201 per cent compared with the earnings capacity as of 31 March 2026, adjusted for the properties divested in Riga on 25 May 2026.
