by Property Forum | Investment

Globalworth Poland (GPRE) announced the acquisition of Warta Tower, a modern office tower in the City Centre West district of Warsaw for a consideration of €55 million.


Warta Tower, which was completed in 2000, comprises approximately 28,000 sqm of gross leasable area. The 21-floor building is multi-tenanted, with TUiR Warta S.A. (insurance and reinsurance company being a subsidiary of Talanx International AG) as its largest tenant, has a contracted rental income of c.€5.9 million, occupancy of c.92% and a weighted average lease length of c.3.5 years.
 
This acquisition is being financed by a €55 million increase in the short-term bridging loan provided to GPRE by the company announced on 19 December 2017. Subsequent to the announcement on 19 December 2017, the company agreed to extend the period whereby the loan could be increased from two months to the date of this acquisition.
 
Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth, commented: "Globalworth Poland is very excited to be growing its portfolio with the acquisition of this sizeable, landmark asset in Warsaw, following on from the high-quality offices in Wroclaw, Gdansk and Katowice acquired in December 2017. In addition to an attractive current income, this property offers excellent asset management potential."