Acquisition

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nRNS Number : 0250V Globalworth Real Estate Inv Ltd 03 April 2019  \n\n3 April 2019\nGlobalworth Real Estate Investments Limited \n(\"Globalworth\" or the \"Company\")\nAcquisitions in Poland\nGlobalworth, the leading office investor in Central and Eastern Europe, is pleased to announce that its subsidiary Globalworth Poland (\"GPRE\")1 has completed two acquisitions in Poland, which were identified as part of its acquisition pipeline announced on 11 March 2019, for a combined transaction value of €169.9 million.\nThe first acquisition, completed on 26 March 2019 for €37.0 million, is Rondo Business Park, located in the northern part of Krakow.  It offers a gross leasable area of 17.8k sqm across three buildings, current occupancy of 90% and an annualised contracted rent of €3.0 million.   Rondo Business Park is multi-tenanted with a weighted average unexpired lease length of nearly 4.5 years, with Capgemini as the principal tenant.  This investment is strategically located being directly adjacent to Quattro Business Park, which GPRE acquired in June 2018, creating critical mass and a combined campus of over 75k sqm.   \nThe second acquisition, which was completed today for €132.9 million2, is Warsaw Trade Tower (WTT), a 38-storey tower located in the Wola district of Warsaw's extended CBD. WTT is one of the tallest towers in Warsaw, with a gross leasable area of 45.4k sqm, and benefits from the lobby and the majority of the common areas having been fully refurbished.  With current occupancy of 88%, it has an annualised contracted rental income of €9.0 million, which is anticipated to rise to €10.1 million on full occupancy.  The property is multi-tenanted, with a weighted average lease length of 2.2 years, with AXA as the largest tenant alongside other international companies including American Express, Leroy-Merlin and Mattel.   \nDimitris Raptis, Deputy CEO and Chief Investment Officer of Globalworth, commented: \"We are delighted to add Warsaw Trade Tower, a prominent landmark office tower, to our Polish portfolio at a compelling entry price, offering an attractive yield and a range of asset management opportunities. The acquisition of Rondo Business Park in Krakow has sound strategic rationale, being located alongside our Quattro Business Park and creating mana...

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