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Ghelamco sold Warsaw UNIT to Eastnine AB - a record-breaking deal

CATEGORY
Investment Deal of the Year, CEE
The sale of Warsaw UNIT to Eastnine AB stands as the largest office investment transaction in Europe in 2024 and one of the most significant in CEE in recent years. This €280 million deal demonstrates strong investor confidence in the Polish market and the resilience of Warsaw’s prime office sector. The transaction highlights the exceptional quality, sustainability, and long-term value of Ghelamco’s developments, which flagship example is Warsaw UNIT.
Name of the deal
Ghelamco sold Warsaw UNIT to Eastnine AB - a record-breaking deal
Information about the transaction
Ghelamco, a leading developer on the Polish commercial real estate market, has sold its flagship development – Warsaw UNIT located in the center of Warsaw. The office tower was acquired by the Swedish real estate company Eastnine AB listed on the Nasdaq Stockholm. This was the largest office market transaction that has been concluded in Europe in 2024. Eastnine AB and Ghelamco signed the sales agreement for an underlying property value of EUR 280 million. With the height of 202 meters and almost 60,000 sqm of leasable space, Warsaw UNIT is one of the most modern and environmentally friendly buildings of its class on the continent. The building is fully commercialized and its largest tenants include: Warta, Moderna, CBRE, Stryker, Amazon, OmniOffice and Imperial Tabacco.
The date of closing the deal
2024-11-26
Value of the transaction (in EUR)
280000000
Yield
6,27 %
Seller, plus brief information about the company
Ghelamco Poland is a leading commercial developer and pioneer in ESG and innovation on the Polish real estate market. For over 34 years, it has delivered more than 1.2 million sq m of premium office, residential, and mixed-use space worth over €1.3 billion. As a part of the Ghelamco Group, the company has shaped Warsaw’s modern skyline with landmarks such as Warsaw Spire, The Warsaw HUB, Warsaw UNIT and The Bridge.
Consultancy which advised Seller
Dentons, Deloitte, MDDP, Rymarz Zdort Maruta, CBRE.
Purchaser, plus brief information about the company
Eastnine AB is a Sweden-based real estate company, listed on the Nasdaq Stockholm, focused on modern, sustainable office properties in prime locations across Poland and the Baltic region.
Consultancy which advised Purchaser
Greenberg Traurig, JLL, Gleeds, Arcadis, Koda
Financing institution
The acquisition was financed with existing cash, a secured five-year green bank loan of EUR 168m from Helaba and Erste Group in equal parts, and a separately communicated new issue of 8,760,684 new shares in Eastnine at long-term Net Asset Value (NAV) per share to the seller.
Current occupancy level
100