October 02, 2017

Ghelamco sells Building B of the Warsaw Spire Office complex

Ghelamco sells Building B of the Warsaw Spire Office complex

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 approximately EUR 100 million.

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.

“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,” said 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 centre 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," said 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,” said 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 percent 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.

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