Ghelamco readies office sales in Warsaw

Ghelamco Poland, one of the largest property developers in Central and Eastern Europe, is gearing up to sell two of its office projects in Warsaw. Ghelamco Poland managing director Jeroen van der Toolen told PropertyEU that the Senator and Mokotow Nova schemes are being commercialised and are ready for sale.

Ghelamco did not reveal the guide prices for the assets but market yields for new A class projects range between 6% for central locations and 6.5% - 6.7% for locations outside the city centres Senator will offer 25,000 m² of class A office space on Bielanska Street in the central business district. The scheme will be delivered in mid-2012. The building was 75% leased in early-March. 'Due to its unique and historical features and location, the Senator building has already evoked a great deal of attention among prospective tenants including PKN Orlen as an anchor tenant, and companies from Rabobank Group, BRE BANK and Euronet,' Van der Toolen said.

Mokotow Nova comprises 41,000 m² of office and retail space just 500 metres from Galeria Mokotów, one of the largest shopping centres in Warsaw. Mokotow is also the main business location in the city, with some 950,000 m² of developed office space by end-2011.

Ghelamco has sold 350,000 m² of space across 15 projects in Poland for a total of EUR 850 mln from 2002 to 2011.

The company expects to close the sale of Katowice Business Point in Q2 2012. The price is believed to be around EUR 40 mln. Ghelamco declined to comment.

Ghelamco began work on the Warsaw Spire tower development in Warsaw seven months ago. At a height of 220 metres, the Warsaw Spire will be the tallest and most modern office complex in the Polish capital when it is delivered in 2014. Together with two satellite buildings of 55-metres each, the entire development will provide approx. 100,000 m² of leaseable area in the city centre.

Read more about the project in the April edition of PropertyEU Magazine. Click on the link below to subscribe