In the transaction Ghelamco and Madison International Realty were represented by CBRE, JLL and Greenberg Traurig. IMMOFINANZ was represented by Magnusson law firm.
“The sale of Warsaw Spire tower to IMMOFINANZ illustrates the depth of investor demand for prime products in the Polish capital, which is now one of the most dynamic occupational markets in Europe. The continued record net absorption, which is outstripping deliveries and is ultimately leading to falling vacancy and upward pressure on rents, is making this one of the most attractive and liquid markets for international capital. Investors are recognizing this unique opportunity and subsequent yield compression is inevitable in the coming months,”
says Sean Doyle, Head of Investment Properties, CBRE.
“The transaction confirms that the Wola district is the leading office investment location in Central and Eastern Europe, with Warsaw Spire being one of the best office projects in the CEE region. This deal is good news for developers who are building prestigious office projects in Poland and CEE. We are currently talking with other investors who are interested in completing their portfolio with office schemes that are being built in the new business centre of Warsaw, whose great location is encouraging a high level of commercialization. A fully leased Warsaw Spire, with its timeless architecture and a very strong portfolio of tenants, is a great example of such projects,” says Tomasz Puch, Head of Office Investment, JLL.