GTC acquires two office buildings in Poland
GTC has announced the acquisition of Neptun Office Center and Sterlinga Business Center, located in Gdansk and Lodz respectively. These two Class A office buildings, featuring modern design and a total of 30,000 sqm GLA of office space, will enrich the group’s Polish investment portfolio.
The Gdansk-based Neptun Office Center, a Class A high-rise office building, offers 16,082 sqm of leasable space with 73 percent occupancy. Sterlinga Business center is a Class A office building located in the center of Łódź and offering 13,895 sqm of leasable office space with 94 percent occupancy. The weighted average lease term of 3-5 years combined with about 5,000 sqm of leasable space available in both buildings secure recurring income and allow for an upside potential in cash flow and property value. The acquisitions were financed by bank loans and GTC’s own sources.
“Each year, the demand for modern office space in major Polish regional cities grows continuously as evidenced by a record volume of leasing transactions in 2015. We are very happy to further enlarge our portfolio in the regional cities by investing in Neptun Office Center and Sterlinga Business Center as they stand for the high quality of office space in a very good location,“ commented GTC Chief Investment Officer, Jacek Wachowicz.
“Being present in most of the regional office markets in Poland, we are able to participate in their investment potential. Both, Neptun Office Center and Sterlinga Business Center will further contribute to our recurrent income, value creation and enhance our presence on the fast growing regional markets. The new acquisitions fit exactly our investment strategy and view on the market,” commented GTC CEO, Thomas Kurzmann.