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CA Immo purchases Building B of the Warsaw Spire Complex
CA Immo signed and closed a Sales and Purchase Agreement to acquire the centrally located Warsaw Spire Building B landmark Class-A office building comprising of 21,600 sqm GLA in Warsaw, Poland. The transaction volume of the fully rented asset amounts to around € 100 m, the annual gross rental income reaches around € 6 m. With this transaction, CA Immo fulfills one of the last strategic and budgeted targets announced for 2017.
The seller is the Developer Ghelamco Poland, who completed the building in 2015. Warsaw Spire Building B is primarily occupied by the Headquarter of Frontex – the European Border and Coast Guard Agency of the European Union. Frontex commenced its 10 years lease in Q1 2015.
With this transaction, CA Immo strengthens its presence in the core market Warsaw, where it currently holds an investment portfolio worth around € 290 m. According to plan, the acquisition will already contribute to recurring earnings (FFO) of CA Immo in the fourth quarter of 2017. Greenberg Traurig (legal), KPMG (tax) and Arcadis (technical) acted as advisors to CA Immo.
Frank Nickel, CEO of CA Immo: "The Warsaw office market is highly dynamic, with only a limited number of core investment opportunities. Housing a European Union tenant with a long-term commitment to the property, the Warsaw Spire Building B is a high-quality landmark scheme and a valuable addition to our core portfolio. It will provide us with secure cash flow, strengthen our portfolio on the Warsaw core market and is a perfect complement to our high-growth development activities in Germany."
Warsaw Spire Building B – Location and features
Warsaw Spire Building B is part of the Warsaw Spire complex, which was elected Best Office & Business Development at Mipim Awards 2017. It offers 21,600 sqm Gross Lettable Area (of this, 96% accounts for office space, the rest is retail and storage) as well as 263 underground parking spaces and is located in the City Centre at Rondo Daszyńskiego, which is fast becoming the new commercial hub of Warsaw. Its position provides exceptional private and public transport connections, including Warsaw’s new second Metro line as well as multiple tram and bus routes, offering occupiers quick and easy access to and from all Warsaw districts.
CA Immo in Warsaw
The Polish asset portfolio, which accounted for approximately 7% of the total portfolio of CA Immo as at 30 June 2017, consists of six office buildings in Warsaw. The book value of the portfolio comprising around 100,700 sqm was approximately € 290 m as at 30 June 2017, the occupancy rate stood at 92%.
About CA Immo
CA Immo specialises in office properties in Central European capitals. The company was founded in 1987 and operates today in the core markets of Austria, Germany, Poland, Hungary, Czechia and Romania. CA Immo is listed on the Vienna Stock Exchange and included in the ATX index and holds property assets of around € 4 billion.
About GhelamcoGhelamco Poland is the leader of the commercial property market in Poland and a pioneer in sustainable construction, public space design, smart buildings and innovations. Over the past 26 years the company has built its leading position as an investor, developer and general contractor by delivering over 1,100,000 sqm of best-in-class office, residential, commercial, and warehouse space. The company’s flagship investment is Warsaw Spire with Plac Europejski (European Square), awarded a title of the best office building in the world in a prestigious competition MIPIM Awards 2017.