Spektrum Tower, an A-class landmark office tower, located in Warsaw Central Business District at 18 Twarda street, was sold by Europa Capital to Globalworth, the leading office investor in Central and Eastern Europe, for around €101 million.
The property, offering approximately 29,500 square metres of GLA, is multi-tenanted and is over 90% let. The occupiers include international firms from a variety of sectors, e.g. BuroHappold, Ecovadis, BGŻ BNP Paribas, Westwing and Calzedonia. Numerous tenants have already expanded within the building, and 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.
James Pennington, Director, Asset Management at Europa Capital, comments the disposal: “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.”
Małgorzata 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 €1.0 billion and reaches 375,000 square meters of GLA almost.”
Michał Ćwikliński, Managing Partner, Country Head Poland at Apleona GVA, adds: „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 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.
For further information, please contact: Gordon Simpson/Elizabeth King, Finsbury: + 44 20 7251 3801
ABOUT EUROPA CAPITAL
Europa Capital is a real estate fund manager focused on European markets. For more than 20 years, Europa Capital has been delivering risk adjusted returns for a global audience of investors. We focus on investment returns driven by real estate fundamentals in both equity and debt strategies.
Since 1995, Europa Capital has collectively raised nine real estate funds and committed to over 128 transactions totalling more than €10.9 billion across 19 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Europa Capital is a member of Rockefeller Group International, Inc. (“RGI”), a subsidiary of Mitsubishi Estate Co. Ltd. RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
Further information can be found at www.europacapital.com .
Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Romania and in Poland, where the Company has a majority shareholding in Globalworth Poland, a pure-play Polish real estate platform listed on the Warsaw Stock Exchange. Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by approximately 110 professionals across Romania and Poland, the combined value of its portfolio is approximately €2.0 billion. Over 90% of this is in income-producing assets, predominately in the office sector, and leased to some 440 national and multinational corporates from 28 countries and 37 different sectors. In Romania, Globalworth is present in Bucharest, Timisoara and Pitesti, while in Poland its assets span Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice. For more information, please visit www.globalworth.com and follow us on Facebook, Instagram and LinkedIn.
ABOUT APLEONA GVA
Apleona GVA in Poland, member of GVA Worldwide, is a Warsaw based property advisory firm that was set up in Warsaw in 2017 by Michal Cwiklinski, its managing partner. The company derives best practices from both Germany and the UK based GVA. Apleona GVA Poland is offering consultancy services such as investment consultancy, technical and hotel advisory, project management and occupier services.
ABOUT WX MANAGEMENT SERVICES
WX Management Services is a boutique real estate advisory and services company, providing investors with comprehensive management services focused on individual needs. With 25 years of experience on the Polish market, WX Management Services team offers a strategic approach to real estate investment and logistical support.