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Lumen & Skylight

CATEGORY
Investment Deal of the Year, CEE
Globalworth Poland signed an agreement with Unibail-Rodamco-Westfield for the acquisition of Lumen and Skylight, two office buildings in Warsaw. The transaction is valued at EUR 190 million, representing Globalworth’s largest individual acquisition to date. The Lumen and Skylight office buildings are part of the mixed-use Złote Tarasy complex and offer a total leasable area of over 45,000 sqm of state-of-the-art space. Both are regarded among the most famous and prestigious office buildings in Warsaw.
Name of the deal
Lumen & Skylight
The date of closing the deal
20/12/2018
Value of the transaction (in EUR)
190 milion
Yield
6.8% at full occupancy
Seller, plus brief information about the company
Unibail-Rodamco-Westfield is the premier global developer and operator of flagship destinations, with a portfolio valued at €65.0 Bn as at June 30, 2019, of which 86% in retail, 7% in offices, 5% in convention & exhibition venues and 2% in services. Currently, we own and operate 92 shopping centres, including 55 flagships in the most dynamic cities in Europe and the United States. Present on 2 continents and in 12 countries, our centres welcome 1.2 billion visits per year. We have a development pipeline of €10.3 billion. With the support of our 3,700 professionals and an unparalleled track-record and know-how, we are ideally positioned to generate superior value and develop world-class projects.
Consultancy which advised Seller
Dentons
Purchaser, plus brief information about the company
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. 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 200 professionals across Romania and Poland, the combined value of its portfolio is €2.85 billion, as at 30 June 2019 pro forma for subsequent acquisitions. Over 95% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of some 685 national and multinational corporates. In Romania, Globalworth is present in Bucharest, Timisoara, Constanta and Pitesti, while in Poland its assets span Warsaw, Wroclaw, Lodz, Krakow, Gdans
Consultancy which advised Purchaser
CBRE, Linklaters, PWC
Financing institution
Company resources
Current occupancy level
93.1% as of 30/09/2019
Please say why this deal should be considered for the award
Skylight and Lumen occupy an excellent location at the heart of the Warsaw Central Business District and close to local public transport, Warszawa Centralna railway station and a rich business, leisure and cultural infrastructure. The office buildings were developed in accordance with sustainable building standards and have been certified with BREEAM Excellent. The properties are multi-tenanted, with a range of companies including Pernod Ricard, Mars, PGE Energia Ciepła, InOffice, Regus and Cushman & Wakefield.
The purchase of Lumen and Skylight is Globalworth Poland's largest asset acquisition to date. Our strategy is to own assets in prime locations, within which we can create a strong sense of community, that fit in with the character of a given city and are suited to the dynamics of the local workforce. Skylight and Lumen offer centrally-located modern office space with excellent local amenities and transport connectivity.