Globalworth buys two office complexes in Poland

Globalworth Real Estate announced a conditional agreement for the acquisition of two investments in Poland, which were identified as part of its acquisition pipeline announced on 11 March, for a combined transaction value of €113.2m on Friday.

The AIM-traded firm said the transaction was expected to close by the end of July, subject to the fulfilment of customary conditions.

It said Retro Office House - a newly completed office development located in central Wroclaw with “excellent connectivity” to all parts of the city and a range of public transport options - was being acquired for €58.8m.

The building offered a gross leasable area of 21,900 square metres, an annualised contracted rent of €3.9m, and was 100% leased to a variety of tenants, including Infor and Olympus, with a weighted average lease length of five years.

Silesia Star = an office complex with two interconnecting buildings developed in 2014 and 2016 at the heart of Katowice - was being acquired for €54.4m.

Located in the immediate vicinity of the city centre, it was close to two universities and various transport options.

The board said the building offered a gross leasable area of 29,200 square metres, and an annualised contracted rent of €4.6m at 95% occupancy, which rose to €4.8m as a result of a vendor guarantee on the existing vacant space.

It was leased to a variety of tenants in the finance, technology and services sectors, with a weighted average lease length of 3.6 years.

“We are delighted to be able to announce these new acquisitions, which follow on from our very successful €500m capital raise earlier this month,” said deputy chief executive officer and chief investment officer Dimitris Raptis.

“These investments reinforce our position in both Wroclaw and Katowice, and represent very desirable, well-located properties in these important regional Polish cities.

“We have announced over €280m of investments in Poland this year, consolidating our position as the most active investor in the Polish office market.”