Warta Tower

Warta Tower, which was completed in 2000, is one of the first and most widely recognized office buildings in Warsaw, a landmark project in the city. It comprises approximately 28,000 sqm of gross leasable area and offers outstanding architectural qualities, including its iconic lobby. The 21-floor building is multi-tenanted, with Warta Insurance as its largest tenant. Warta Tower is situated at Chmielna Street, next to the Jerozolimskie Avenue - one of the main communication arteries in Warsaw, and hosts offices that offer a modern, productive and friendly work environment. Due to its large windows, Warta Tower provides an optimal amount of natural light, while the efficient and flexible accommodation of both open and separate offices allows tenants to adapt the space. Moreover, the usage of the best building materials, meeting the highest efficiency and quality standards, provides them with a comfortable and safe work environment.
Name of the deal Warta Tower
Information about the transaction project/projects/portfolio Warta Tower, which was completed in 2000, is one of the first and most widely recognized office buildings in Warsaw, a landmark project in the city. It comprises approximately 28,000 sqm of gross leasable area and offers outstanding architectural qualities, including its iconic lobby. The 21-floor building is multi-tenanted, with Warta Insurance as its largest tenant. Warta Tower is situated at Chmielna Street, next to the Jerozolimskie Avenue - one of the main communication arteries in Warsaw, and hosts offices that offer a modern, productive and friendly work environment. Due to its large windows, Warta Tower provides an optimal amount of natural light, while the efficient and flexible accommodation of both open and separate offices allows tenants to adapt the space. Moreover, the usage of the best building materials, meeting the highest efficiency and quality standards, provides them with a comfortable and safe work environment.
The date of closing the deal March 15th 2018
Value of the transaction (in EUR) 55 mln euro
Yield 11.5%
Seller, plus brief information about the company Kulczyk Investments SA (former Kulczyk Investment House SA) is an international investment company, founded by Polish entrepreneur Jan Kulczyk in 2007, focusing on business opportunities in high growth markets. The company’s strategic sectors are energy, infrastructure, chemical industry and mineral resources. Kulczyk Holding SA is responsible for the operations of the group in Poland.
Consultancy which advised Seller Clifford Chance (legal)
Purchaser, plus brief information about the company Globalworth - 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 over 170 professionals across Romania and Poland, the combined value of its portfolio is in excess of €2 billion, as at 30 June 2018. Over 90% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of some 510 national and multinational corporates.
Consultancy which advised Purchaser Deloitte (fin-tax), Dentons (Legal), CmT (technical)
Financing institution Globalworth – self financing
Current occupancy level Approx. 92%
Please say why this deal should be considered for the award Warta Tower was the fourth office property acquired since Globalworth became the controlling shareholder in GPRE in December 2017 and demonstrated the company’s expansion strategy as it was seeking to become the leading office landlord in Poland. What’s more, the transaction showed excellent asset management potential of older buildings and has been the benchmark for other companies which are looking for interesting office options on the Polish market. Globalworth wants to make significant capital expenditure there: reconfigure the space and modernize it to a level where it will entice multinational companies. Top-tier quality architecture and excellent location will ensure that despite its age it will still continue to generate profits over many, many years. Globalworth is fond of such acquisitions because they allow to capital on the experience of company’s people in asset management - when it comes to the actual modernization as well as leasing anew.
Name of the deal
Warta Tower
Information about the transaction project/projects/portfolio
Warta Tower, which was completed in 2000, is one of the first and most widely recognized office buildings in Warsaw, a landmark project in the city. It comprises approximately 28,000 sqm of gross leasable area and offers outstanding architectural qualities, including its iconic lobby. The 21-floor building is multi-tenanted, with Warta Insurance as its largest tenant. Warta Tower is situated at Chmielna Street, next to the Jerozolimskie Avenue - one of the main communication arteries in Warsaw, and hosts offices that offer a modern, productive and friendly work environment. Due to its large windows, Warta Tower provides an optimal amount of natural light, while the efficient and flexible accommodation of both open and separate offices allows tenants to adapt the space. Moreover, the usage of the best building materials, meeting the highest efficiency and quality standards, provides them with a comfortable and safe work environment.
The date of closing the deal
March 15th 2018
Value of the transaction (in EUR)
55 mln euro
Yield
11.5%
Seller, plus brief information about the company
Kulczyk Investments SA (former Kulczyk Investment House SA) is an international investment company, founded by Polish entrepreneur Jan Kulczyk in 2007, focusing on business opportunities in high growth markets. The company’s strategic sectors are energy, infrastructure, chemical industry and mineral resources. Kulczyk Holding SA is responsible for the operations of the group in Poland.
Consultancy which advised Seller
Clifford Chance (legal)
Purchaser, plus brief information about the company
Globalworth - 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 over 170 professionals across Romania and Poland, the combined value of its portfolio is in excess of €2 billion, as at 30 June 2018. Over 90% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of some 510 national and multinational corporates.
Consultancy which advised Purchaser
Deloitte (fin-tax), Dentons (Legal), CmT (technical)
Financing institution
Globalworth – self financing
Current occupancy level
Approx. 92%
Please say why this deal should be considered for the award
Warta Tower was the fourth office property acquired since Globalworth became the controlling shareholder in GPRE in December 2017 and demonstrated the company’s expansion strategy as it was seeking to become the leading office landlord in Poland. What’s more, the transaction showed excellent asset management potential of older buildings and has been the benchmark for other companies which are looking for interesting office options on the Polish market. Globalworth wants to make significant capital expenditure there: reconfigure the space and modernize it to a level where it will entice multinational companies. Top-tier quality architecture and excellent location will ensure that despite its age it will still continue to generate profits over many, many years. Globalworth is fond of such acquisitions because they allow to capital on the experience of company’s people in asset management - when it comes to the actual modernization as well as leasing anew.

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