Ghelamco has completed the sale of The Bridge, its fully leased, 174-metre office landmark at Plac Europejski in Warsaw, to Stockholm-listed Eastnine AB. Valued at €285 million, the deal is one of the largest transactions on the Polish commercial real estate market in recent years and the second Ghelamco flagship acquired by the Swedish investor, after Warsaw UNIT in 2024. In parallel, Ghelamco has signed letters of intent with international real estate investors on two of its fully permitted Warsaw projects. Both schemes will be delivered in partnership, with Ghelamco responsible for development and construction, and are scheduled to break ground in 2027. Together, the transactions mark a decisive step in the execution of Ghelamco’s strategy: turning completed, fully leased assets into a materially stronger balance sheet, and getting its permitted pipeline back into construction, with partners’ capital rather than its own.
The proceeds from The Bridge will be directed primarily towards debt reduction, in line with the Group’s strategy of realising completed office projects once they have reached stable occupancy. In parallel, Ghelamco is scaling up its partnership-based delivery model, in which the Group’s development and construction expertise is combined with partners’ capital. This approach reduces Ghelamco’s future reliance on bond financing, lowers the Group’s own capital commitment per project and brings forward cash generation from the existing pipeline – and is set to become the default way the Group delivers its next projects.
“The sale of The Bridge is one of the largest transactions on the Polish commercial real estate market in recent years – and a textbook example of how Ghelamco creates value: we deliver a landmark building, lease it in full to top-tier tenants, sell it to a long-term institutional owner and use the proceeds to significantly reduce our debt. Closing a transaction of this size in the current market is not a given, and the fact that Eastnine has come back to us for a second flagship asset speaks for itself. The second part of this announcement matters just as much. We have signed letters of intent with international partners on two fully permitted sites in Warsaw, with the clear aim of starting construction on both in 2027. What changes is how these projects are funded. What does not change is who builds them – our teams stay on site, from the first design detail to the last tenant. That is how we intend to deliver most of what comes next,” says Agnieszka Ciupak, Managing Director of Ghelamco Poland.
This new chapter is being steered by a management team strengthened in Poland over the past several months: alongside Agnieszka Ciupak, it includes Przemysław Dąbrowski (Finance Director), Jakub Kutzmann (Legal Director) and Krzysztof Gozdecki (Technical Director). Ghelamco’s Warsaw pipeline also includes Chopin Tower at Plac Europejski, the second building of the Vibe complex on Towarowa Street, Sobieski Tower at Zawiszy Square, the Grzybowski project at Plac Grzybowski and the Warszawa Gdańska office complex and railway station.
The Bridge is a 41-storey, 174-metre office tower offering a total of 55,300 sqm of modern leasable space and 280 parking spaces, including the fully restored historic Bellona building, connected to the tower via a shared lobby. The complex is 99% leased to a blue-chip tenant roster including Erste, Visa, Grant Thornton, Astellas, EssilorLuxottica, Omni Office and the French Institute. The building holds the highest environmental and technological certifications, including BREEAM Outstanding, WiredScore and SmartScore Platinum, and the WELL Health-Safety Rating.
