News Article Globalworth investment Katowice office Poland Wroclaw
by Property Forum | Investment

Globalworth announced the conditional agreement for the acquisition of two investments in Poland, which were identified as part of its acquisition pipeline announced on 11 March 2019, for a combined transaction value of €113.2 million. The transaction is expected to close by the end of July 2019, subject to the fulfilment of customary conditions.

Retro Office House, a newly completed office development located in central Wroclaw benefitting from excellent connectivity to all parts of the city and a range of public transport options, is to be acquired for €58.8 million. The building offers a gross leasable area of 21.9k sqm, an annualised contracted rent of €3.9 million and is 100% leased to a variety of tenants, including Infor and Olympus, with a WALL of 5.0 years.
Silesia Star, an office complex with two interconnecting buildings developed in 2014 and 2016 at the heart of Katowice, is to be acquired for €54.4 million. Located in the immediate vicinity of the city centre, it is close to two universities and various transport options. The building offers a gross leasable area of 29.2k sqm and an annualised contracted rent of €4.6 million at 95% occupancy, which rises to €4.8 million as a result of a vendor guarantee on the existing vacant space. It is leased to a variety of tenants in the finance, technology and services sectors, with a WALL of 3.6 years.
”We are delighted to be able to announce these new acquisitions, which follow on from our very successful €500 million capital raise earlier this month. These investments reinforce our position in both Wroclaw and Katowice, and represent very desirable, well-located properties in these important regional Polish cities. We have announced over €280 million of investments in Poland this year, consolidating our position as the most active investor in the Polish office market,” Dimitris Raptis, Deputy CEO and Chief Investment Officer of Globalworth commented.