Globalworth Poland Real Estate has agreed on terms and is conditionally proceeding with the acquisition of Quattro Business Park in Krakow, Poland.
Quattro Business Park is a high-quality office complex of 5 buildings offering a gross leasable area of 60,200 sqm and has annual contracted rental income of c. €10.7 million, with occupancy of c. 99% and a weighted average lease length of c. 3 years. Tenants include Capgemini, Google and Luxoft.
The transaction is to be structured as a corporate acquisition, with the purchase price calculated on the basis of a consideration of €139 million, with the cash consideration payable by GPRE adjusted to reflect in-place cash, debt and the working capital position at completion. While the main terms of the transaction have been agreed, the transaction is subject to finalising the transaction documentation and agreeing the remaining conditions between the parties, including the purchase price for the shares of the company owning the asset, obtaining internal corporate consents and obtaining the decision of the President of UOKiK (Office of Competition and Consumer Protection in Poland) on granting clearance to the transaction.