CEE-focused listed property group CA Immo has bought building C of the Warsaw Spire complex from Belgian developer Ghelamco for a price approaching €100 mln.
The 21,700 m2 fully-let building was completed in 2016 and currently generates €5.4 mln of annual rental income.
Warsaw Spire consists of three buildings totalling 115,000 m2 of gross lettable area in a new business district called Daszynskiego roundabout. CA Immo is already the owner of Building B which it bought late last year for €100 mln.
The main tower, Warsaw Spire A, was partly sold to Madison International Realty earlier this year. Madison took a 50% share in the tower project in one of the country’s largest office transactions in recent history.
Andreas Quint, CEO of CA Immo added: 'This acquisition further strengthens our presence in one of the most attractive micro-locations in central Warsaw, which is one of the most dynamically developing markets in CEE. The Warsaw Spire Building C is a high-quality landmark scheme; it will provide us with secure cash flow, strengthen and rejuvenate our portfolio on the Warsaw core market and perfectly complements our recent acquisition in Warsaw, the adjacent Spire Building B.'
Last year German lenders Helaba, Berlin Hyp and pbb Deutsche Pfandbriefbank joined forces to provide a €370 mln investment loan to refinance the entire complex.
CA Immo owns eight office buildings in Warsaw, with a book value of €470 mln and a 96% occupancy rate.
