Globalworth announced the acquisition of West Link, a recently completed office property in Wroclaw, by Globalworth Poland. West Link is located to the west of the city centre and is well situated on Wroclaw's key communication arteries. It offers 14,400 sqm gross leasable area and occupancy of 100%, with an annual contracted rental income of €2.5 million and a weighted average lease length in excess of 6 years. The main tenant is Nokia Solutions & Network, which is also the main tenant at GPRE's West Gate, an adjacent high-quality office property which comprises a further 16,600 sqm.
This transaction, structured as a forward purchase agreement, was set out in GPRE's prospectus at the time of GPRE's IPO in April 2017. It was based on a total consideration of €35.8 million, of which GPRE part-funded €18 million through a forward purchase debenture in June 2017, with the remaining consideration payable on completion after reflecting working capital and other customary adjustments.
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