Cookie Error:

Cookies deactivated. To use all functions on this portal, for example the login, Cookies must be activated. Please activate Cookies in your browser settings.

    Print Print 

Immofinanz closes the €386m acquisition of the Warsaw Spire Tower

Immofinanz has finalised the acquisition of the Warsaw Spire Tower through the purchase of the respective real estate holding companies. The closing took place today, 11 July, following the release of the transaction by the Polish antitrust authorities. The sellers are the Ghelamco Group, which completed the tower in 2016, and Madison International Realty [we reported]. The agreed property value for the office tower equals roughly €386.0 million. The expected annual rental income based on invoiced rents totals approximately €19.6 million.

“The Warsaw Spire Tower strengthens our position as one of the leading providers of first-class office solutions in Warsaw and represents an optimal combination of high quality, superior infrastructure and a well-known tenant mix. 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“, comments Oliver Schumy, CEO of Immofinanz, on the transaction. “In a next step, we plan to integrate the Warsaw Spire Tower into our successful, international myhive office concept with its top service, feel-well atmosphere and community building.“

Warsaw Spire Tower © Immofinanz
The Warsaw Spire Tower has approximately 71,600 sqm of rentable space in total, including roughly 65,000 sqm of office space and the remainder used primarily for retail purposes. The Warsaw Spire Tower (building section A) is the highest office tower in Warsaw and has 49 floors. The office space is fully rented, among others to Goldman Sachs, Samsung, JLL and Mastercard. The average remaining term of the contracts (WAULT) equals roughly 4.6 years.