Market News

Globalworth snaps up two Warsaw office buildings

31/10/2018 10:08

(Sharecast News) - Globalworth Real Estate announced on Wednesday that its subsidiary, Globalworth Poland, has entered into a preliminary sale-and-purchase agreement with Unibail-Rodamco-Westfield, for the landmark acquisition of two high quality office buildings in Warsaw, known as Skylight and Lumen. The AIM-traded firm said Skylight and Lumen were located above the Zlote Tarasy Shopping Centre in the heart of Warsaw's central business district, benefiting from "excellent" connectivity to the city's main train station, other means of public transport and the amenities of an established mixed-use complex. It said the buildings were completed in 2007, and offered a gross leasable area of 45,500 square metres over 18 and 8 storeys respectively. With a current occupancy of approximately 89%, the properties had a contracted rental income of around €11.5m, and a weighted average lease length of nearly four years. The properties were multi-tenanted, with a range of tenants including Pernod Ricard, Mars, PGE Energia Ciepla, InOffice, Regus and Cushman & Wakefield. "We are excited by this major acquisition of landmark assets in the centre of Warsaw, representing our largest asset acquisition to date," said deputy CEO and chief investment officer Dimitris Raptis. "Our strategy is to own assets within which we can create a strong sense of community, suited to the needs of a dynamic workforce." Raptis said Skylight and Lumen offered centrally-located, modern office space with "excellent" local amenities and transport connectivity. "Their addition will further enhance our leadership in the Polish office market and aspirations in the CEE region and reiterate our focus on acquiring assets with ongoing asset management opportunities and attractive total return potential." The total transaction consideration was set at €190m, and was subject to working capital and other customary adjustments.

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Walker Crips Group plc (Old Change House, 128 Queen Victoria Street, London EC4V 4BJ), registered in England, registered number 1432059, incorporates the following companies which are authorised and regulated by the Financial Conduct Authority: Walker Crips Investment Management Limited registered in England number 4774117 member of the London Stock Exchange, Walker Crips Wealth Management Limited registered in England number 3790291, Ebor Trustees Limited registered in England number 3514268, Barker Poland Asset Management LLP registered in England and Wales number OC341149.