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MAGNUSSON WARSAW ADVISES AS IMMOFINANZ CLOSES THE EUR 386M ACQUISITION OF WARSAW SPIRE

2019-07-11

Magnusson Warsaw has advised IMMOFINANZ on its acquisition of Warsaw Spire. The closing took place on 11 July 2019, following the release of the transaction by the Polish antitrust authorities.

The sellers are the Ghelamco Group, which completed the tower in 2016, and Madison International Realty, a global real estate private equity firm.

The agreed property value for the office tower is roughly EUR 386 million. The expected annual rental income based on invoiced rents totals approximately EUR 19.6 million.

The Warsaw Spire Tower is roughly 220 metres high and has approximately 71,600 sqm of rentable space. It has 49 floors and is the highest office tower in Warsaw. The office space is fully rented, among others to Goldman Sachs, Samsung, JLL and Mastercard.

The tower is situated in the rapidly growing City Center West district.

IMMOFINANZ’s real estate in Poland had a book value of EUR 760.3 million as of 31 March 2019, which represents 17.2% of the entire portfolio. The 26 standing investments have approximately 377,100 sqm of rentable space and an occupancy rate of 93%.

Click here to read the official corporate news release from IMMOFINANZ: https://immofinanz.com/en/news/immofinanz-closes-the-acquisition-of-the-warsaw-spire-tower-from-ghelamco-and-madison-international-realty

 

 

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