JLL is pleased to have advised Ghelamco on the sale
Ghelamco has completed a transaction for the sale of building B of the Warsaw Spire office complex. The new owner of the property is CA Immo, which manages real estate in Germany, Austria and Eastern Europe. The value of the transaction is over 100 million euros.
One of three office buildings of Warsaw Spire – the largest office investment in Poland – is now under new ownership. Warsaw Spire Building B, the headquarters of Frontex comprising 21.600 sqm, has been bought by CA Immo, a company listed on the Vienna Stock Exchange. Today the parties signed and closed on a Sale and Purchase Agreement with the transaction volume of the fully rented asset at over 100 million euros.
“We would like to congratulate CA Immo for choosing Warsaw Spire building B, this is the excellent and perspective choice. This transaction reinforces the value of our developments as investment product, as well as the leading role of Ghelamco in the Polish real estate market” says Jeroen van der Toolen, Managing Director CEE, Ghelamco. “Warsaw Spire has received global recognition, winning multiple awards including the World’s Best Office & Business Development at the 2017 MIPM Awards. The location at the heart of rapidly growing business center of Warsaw, with state-of-the-art office space and direct access to Plac Europejski – a unique city square – all contributes to a guarantee of commercial success”.
"The Warsaw office market is highly dynamic, with only a limited number of core investment opportunities. Housing a governmental tenant with a long-term commitment to the building, the Frontex building is a high-quality landmark scheme and a valuable addition to our core portfolio. It will provide us with secure cash flow, strengthen our presence on the Warsaw core market and is a perfect complement to our high-growth development activities in Germany" says Frank Nickel, CEO of CA Immo. Ghelamco was represented in the transaction by JLL, CBRE and Dentons. CA Immo were represented by Greenberg Traurig, Arcadis and KPMG.
“JLL have been honoured to advise Ghelamco in this transaction. The Warsaw Spire complex is at the heart of the new business district of Warsaw. This transaction underlines the confidence of investors buying into this new commercial hub and paves the way for further transactions in Warsaw Spire and the immediate surrounds. A key rational for the investment, is the ground breaking approach to modern urban development taken by Ghelamco. The integration of modern office accommodation with the amenities and public space of Plac Europejski has delivered an exceptional working environment”, says Leon Ballard, National Director, JLL Capital Markets
Completed in 2015, Building B is a part of the Warsaw Spire complex, which was awarded with Best Office & Business Development at MIPIM Awards 2017. It offers 21,600 sqm Gross Lettable Area (96% is dedicated for offices) as well as 263 underground parking spaces. The building is primarily occupied as the Headquarters of Frontex – the European Border and Coast Guard Agency of the European Union. Warsaw Spire B is located in the new business centre of Warsaw at Rondo Daszyńskiego, which provides exceptional private and public transport connections, including Warsaw’s new second Metro line as well as multiple tram and bus routes. The great advantage of the project is direct location on Plac Europejski, which is the best-developed public space in this part of the city, adored both by the tenants and residents of Warsaw.
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. 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 rentable area comprising around 100,700 sqm was approximately € 290 m as at 30 June 2017, the occupancy rate stood at 92%
ABOUT GHELAMCO POLAND
Ghelamco 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 sq m 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.
As a visionary in the industry, for years Ghelamco has continued to implement pioneering concepts of innovative, technologically advanced buildings which set new trends on the property market in Poland. It is the Belgian company which discovered the potential of the Mokotów district, introduced the concept of a business park in Poland, and, as the first company in the industry, certified office buildings in the prestigious BREEAM system. Also, Ghelamco, as the first developer in Poland, discovered the potential of the Wola district, a location in which the capital’s new business hub is being built.
Ghelamco is also the only developer in Poland with a broader perspective on sustainable construction and actively contributes to shaping the urban space. The company implements projects aimed at revitalizing entire districts by creating valuable city space, such as Plac Europejski. In order to further support city-forming activities, Ghelamco established Fundacja Sztuka w Mieście (Art in the City Foundation), whose goal is to improve the quality of public urban space through artistic and ambient activities for local communities. Ghelamco has won a lot of distinctions, including seventeen “Developer of the Year” awards in Poland.