TCN Worldwide’s Transatlantic Partner, GVA, as the Exclusive Broker to the Seller, Sold Spektrum Tower for approximately €101 million.
Spektrum Tower, an A-class landmark office tower, located in Warsaw Central Business District at 18 Twardastreet, was sold by Europa Capital to Globalworth, the leading office investor in Central and Eastern Europe, for around €101 million.
The property, offering approximately 29,500 square metres of GLA, is multi-tenanted and is over 90% let. The occupiers include international firms from a variety of sectors, e.g. BuroHappold, Ecovadis, BGŻ BNP Paribas, Westwing and Calzedonia. Numerous tenants have already expanded within the building, and the average lease term is approximately 5 years. The property offers diversified facilities, including one of the largest gyms in Warsaw (CityFit), a medical centre and two restaurants.
James Pennington, Director, Asset Management at Europa Capital, comments the disposal: “We are proud to be selling the high quality Spektrum Tower to Globalworth after completing a transformational refurbishment. We have had no tenant departures under our ownership highlighting the high standard of the refurbishment. This sale concludes Europa Capital’s central European investment activity for Europa Fund III.”
Małgorzata Turek, CEO, at Globalworth Poland: “In less than a month since our last transaction, which made us the leading office investor on the local market, another property has been added to our portfolio further strengthening our position. Thanks to the acquisition of Spektrum Tower, the value of our Polish portfolio now exceeds €1.0 billion and reaches 375,000 square meters of GLA almost.”
Michał Ćwikliński, Managing Partner, Country Head Poland at GVA, adds: „We are very pleased with the successful closing of such a landmark transaction. Spektrum Tower is a good example of a prime asset, well-refurbished, offering strong ‘core +’ returns, with best location in the capital city and excellent value for money for the tenants, especially in regard to the falling vacancy level in Warsaw city centre.”
The property was managed by WX Management Services, who coordinated the marketing, leasing, tenant fit-out and building refurbishment work. GVA acted as the exclusive broker to the seller. The seller was also advised by Dentons, while Linklaters, BuroHappold, Deloitte and CBRE assisted the buyer.
Contact Information:
Karolina Pruchniewska
Marketing Manager
+48 576 433 999
karolina.pruchniewska@gva.com.pl