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Globalworth takes on WTT

Tomasz Szpyt-Grzegórski 03 April 2019

Tomasz Szpyt-Grzegórski

Deputy editor in chief, journalist

+48 22 356 25 21

Tomek is a journalist and editor with many years of experience. He has been covering the real estate market since 2006. His main fields of interest are the investment and office markets as well as urban development. He also edits the magazine’s Facebook and twitter pages (@TomaszSzpyt). His articles have appeared, among others, in Dziennik, DGP, GazetaPrawna.pl, Forsal.pl, Dziennik.pl, Newsweek.pl, WSJ Poland and The City. In his free time he likes reading, cinema and rollerblading

Globalworth takes on WTT
Warsaw Trade Tower was built in the 90s

POLAND Globalworth has officially confirmed the news broken by 'Eurobuild CEE' that the Warsaw Trade Tower (WTT) office building has changed hands.

Akron Grouphas sold the building to Globalworth for around EUR 133 mln. Warsaw Trade Tower (WTT) was built at the end of the 90s. The 45,000 sqm skyscraper has a total height of 208m, while its roof reaches up to 184m. Modernisation work on the office tower was completed in 2016 and the building was certified under BREEAM-In-Use with a rating of ‘Very Good’ for asset performance.

Currently the building is 88 pct occupied with an annualised contracted rental income of EUR 9 mln, which is expected to rise to EUR 10.1 mln on full occupancy. The property is multi-tenanted, with a weighted average lease length of 2.2 years, with AXA as the largest tenant. Other tenants include American Express, Leroy-Merlin and Mattel.

Dimitris Raptis, the CIO of Globalworth, commented: "We are delighted to add Warsaw Trade Tower, a prominent landmark office tower, to our Polish portfolio at a compelling entry price, offering an attractive yield and a range of asset management opportunities."

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