Eurobuild Awards
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Warsaw Spire Tower

CATEGORY
Investment Deal of the Year, CEE
The Warsaw Spire Tower has approximately 71,600 sqm of rentable space in total, including roughly 65,000 sqm of office space and the remainder used primarily for retail purposes. The Warsaw Spire Tower (building section A) is the highest office tower in Poland and has 49 floors. The office space is fully rented, among others to Samsung, JLL and MasterCard. The average remaining term of the contracts (WAULT) equals roughly 4.6 years. The tower is situated in the rapidly growing City Centre West district. The location next to the Daszynskiego roundabout on Plac Europejski offers excellent connections for private transport as well as public transportation, for example with a station in Warsaw’s new second underground line and numerous tram and bus connections.
Name of the deal
Warsaw Spire Tower
The date of closing the deal
July 11th 2019
Value of the transaction (in EUR)
386 million
Yield
5.1%
Seller, plus brief information about the company
Sold by two equals owners: Ghelamco and Madison International Realty. Ghelamco is one of the largest developers operating on the Polish and CEE commercial real estate markets and the leader in this field. Over the past 28 years the company constantly strengthens its leading position as an investor, developer and general contractor by delivering over 1,1 million sqm of best-in-class office, residential and commercial space. The developer's portfolio includes the most prestigious projects in Poland, with the famous Warsaw Spire as the flagship. Currently Ghelamco has 4 high-rise buildings under construction. Madison International Realty is a leading liquidity provider to real estate investors worldwide. With approximately $3.6 billion AUM, Madison provides joint venture and preferred equity capital for real estate owners and investors that are looking to de-lever their properties; seek an exit strategy; or where existing sponsors seek to sell a portion of their ownership position.
Consultancy which advised Seller
CBRE, JLL and Greenberg Traurig
Purchaser, plus brief information about the company
IMMOFINANZ IMMOFINANZ is a commercial real estate group whose activities are focused on the retail and office segments of seven core markets in Europe: Austria, Germany, Poland, Czech Republic, Slovakia, Hungary and Romania. The core business covers the management and development of properties, whereby the STOP SHOP (retail), VIVO! (retail) and myhive (office) brands represent strong focal points that stand for quality and service. The real estate portfolio has a value of approx. EUR 4.5 billion and covers more than 210 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw.
Consultancy which advised Purchaser
Magnusson Law, TPA, Cushman & Wakefield, Colliers International and BNP Paribas Real Estate
Financing institution
Helaba, Berlin Hyp and pbb Deutsche Pfandbriefbank
Current occupancy level
99%
Please say why this deal should be considered for the award
The sale of WS was a record-breaking transaction on the Polish office real estate market. For the first time single office building has been sold for a record amount of EUR 386 million. It proves, that Warsaw Spire is an extremely attractive property for investors. The tower itself is the most prestige office location in Poland. It represents an optimal combination of high quality, superior infrastructure and a well-known tenant mix. The transaction was important for one more reason – Warsaw Spire is an icon of the dynamically developing real estate market in Poland and a new symbol of the capital. It has set new market’s standards by offering its tenants sophisticated solutions and technologies implemented for the first time. It was the first office building with a public city square. Due to its accessibility, WS and Plac Europejski gained the sympathy of the city's residents and countless prizes with the MIPIM Award and the Architectural Award of the Mayor of Warsaw at the forefront