Globalworth acquires Warsaw office tower for c. €101m (PL)

Globalworth acquires Warsaw's Spektrum Tower for c. €101m (PL)

Europa Capital has sold Spektrum Tower, an A-class landmark office tower located in Warsaw Central Business District, to Globalworth for c. €101m.


The multi-tenanted property, located at 18 Twarda Street, compromises c. 29,500m² of GLA. It is 90% let with the occupiers including BuroHappold, Ecovadis, BGZ BNP Paribas, Westwing and Calzedonia. The average lease term is approximately 5 years. The property offers diversified facilities, including one of the largest gyms in Warsaw (CityFit), a medical centre and two restaurants.


Malgorzata Turek, CEO at Globalworth Poland: “In less than a month since our last transaction, which made us the leading office investor on the local market, another property has been added to our portfolio further strengthening our position. Thanks to the acquisition of Spektrum Tower, the value of our Polish portfolio now exceeds €1bn and reaches almost 375,000m² of GLA.”


James Pennington, Director, Asset Management at Europa Capital: “We are proud to be selling the high-quality Spektrum Tower to Globalworth after completing a transformational refurbishment. We have had no tenant departures under our ownership highlighting the high standard of the refurbishment. This sale concludes Europa Capital’s central European investment activity for Europa Fund III.”


Michal Cwiklinski, Managing Partner, Country Head Poland at Apleona GVA: "We are very pleased with the successful closing of such a landmark transaction. Spektrum Tower is a good example of a prime asset, well-refurbished, offering strong ‘core +’ returns, with the best location in the capital city and excellent value for money for the tenants, especially in regard to the falling vacancy level in Warsaw city centre.”


The property was managed by WX Management Services, who coordinated the marketing, leasing, tenant fit-out and building refurbishment work. Apleona GVA acted as the exclusive broker to the seller. The seller was also advised by Dentons, while Linklaters, BuroHappold, Deloitte and CBRE assisted the buyer.

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