Swedish real estate company Eastnine is acquiring a €300m office building in Poland’s capital city from Ghelamco.
The Nasdaq Stockholm-listed firm said it has agreed to acquire the 40-storey The Bridge office property in Warsaw in a deal that is subject to financing.
The acquisition, which is expected to complete in the fourth quarter of the year, will make the Polish city Eastnine’s largest market.
The deal values the property at €300m, with a preliminary purchase price of around €260m after adjustments for vacant space and outstanding tenant costs.
Eastnine said it will finance the acquisition using existing cash and a €180m five-year secured loan from Erste Group, alongside proceeds from refinancing part of its current portfolio, requiring no new share issue.
The newly developed 174-metre-tall asset comprises 55,300sqm of office space and incorporates the Bellona, a fully refurbished five-storey historic building integrated via a shared lobby.
Located 500 metres from Eastnine’s Warsaw Unit property, the building is 92% let to seven tenants.
Eastnine’s CEO Kestutis Sasnauskas, said: ”We are delighted to have the opportunity to add another landmark property to our portfolio in Warsaw’s most attractive district.
“With the acquisition of The Bridge, we are doubling our market position in the city, and Warsaw becomes Eastnine’s largest individual market.”
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