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Warsaw Spire sale wrapped up

Alex Hayes 11 July 2019

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Warsaw Spire sale wrapped up
Warsaw Spire is tenanted by Goldman Sachs, Samsung, JLL and Mastercard
POLAND Immofinanz has finalised the acquisition of the Warsaw Spire Tower through the purchase of the respective real estate holding companies of Ghelamco and Madison International Realty.

The closing of the deal announced in June took place today, July 11th, following the approval of the Polish antitrust authorities (UOKiK) issued on July 10th. The sales price came to EUR 386 mln and the expected annual rental income based on invoiced rents totals app. EUR 19.6 mln.

“This office tower is an excellent addition to our standing investment portfolio and will also significantly strengthen Immofinanz’s earning power over the long-term,“ says Oliver Schumy,the CEO of Immofinanz, commenting on the transaction.

“We are excited to have successfully completed the sale of Warsaw Spire to Immofinanz,” adds Matthias Cordier, the managing director of Madison International Realty.

The Warsaw Spire Tower has approximately 71,600 sqm of leasable space in total, including 65,000 sqm of office space. The building of the is the tallest in Warsaw with 49 floors. The office space is fully leased to tenants that include Goldman Sachs, Samsung, JLL and Mastercard. The average remaining term of the contracts (WAULT) is roughly 4.6 years.

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