GTC has announced the acquisition of Neptun Office Center and Sterlinga Business Center, located in Gdańsk and Łódź respectively. These two Class A office buildings, featuring modern design and a total GLA of 30,000 sqm and 364 parking places, will enrich the Group’s Polish investment portfolio.
The Gdańsk-based Neptun Office Center, a Class A high-rise office building, offers 16,082 sqm of leasable space with 73% occupancy. Sterlinga Business Center is a Class A office building located in the centre of Łódź, offering 13,895 sqm of leasable office space with 94% occupancy. The weighted average lease term of 3-5 years combined with approximately 5,000 sqm of leasable space available in both buildings secure recurring income and allow for an upside potential in cash flow and property value. The acquisitions were financed by bank loans and GTC’s own sources.
“Each year, the demand for modern office space in major Polish regional cities grows continuously as evidenced by a record volume of leasing transactions in 2015. We are very happy to further enlarge our portfolio in regional cities,“ commented GTC Chief Investment Officer, Jacek Wachowicz.
During the transactions GTC was advised by Hoganlovells, JLL, KPMG and Aecom. The transactions were closed in two months.