Eurobuild Awards
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Spektrum Tower

CATEGORY
Investment Deal of the Year, CEE
Spektrum Tower, an A-class landmark office tower, located in Warsaw Central Business District at 18 Twarda street, offers 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. The property offers diversified facilities, including one of the largest gyms in Warsaw (CityFit), a medical centre and two restaurants.
Name of the deal
Spektrum Tower
The date of closing the deal
July 12th 2018
Value of the transaction (in EUR)
101 mln euro
Yield
6.8%
Seller, plus brief information about the company
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. It focuses on investment returns driven by real estate fundamentals in both equity and debt strategies. Since 1995, Europa Capital has collectively raised 9 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.
Consultancy which advised Seller
Dentons (legal), GVA (commercial)
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
CBRE (commercial), Deloitte (fin-tax), Linklaters (legal), Buro Happold (technical)
Financing institution
Globalworth – self financing
Current occupancy level
More than 90%
Please say why this deal should be considered for the award
The purchase of Spektrum Tower, one of the iconic office schemes in Warsaw, was one of the largest transactions on the office market in Q3 2018. The transaction proved the great potential of established office buildings present on Warsaw market and it contributed to the sustainable development of the office sector in Poland. The Polish market needs investors who, with similar attention, will analyze established, several-year-old projects, as well as those that were created only few years ago. In this way, the entire industry has a chance for reasonable development, and tenants - the opportunity to choose from hundreds of office projects offering similar work comfort and solutions that ensure cost optimization and positively affect the environment.