Globalworth Real Estate buys Polish office building

Globalworth Real Estate, an office investor in Central and Eastern Europe, has announced the acquisition of Spektrum Tower in Warsaw for €101m, which will be funded from existing cash resources.

Spektrum Tower is a high-rise office building in the heart of the Warsaw Central Business District with a gross leasable area of 29,500 sqm, annual contracted rental income of around €6.3m, occupancy of circa 93% and a weighted average lease length of around five years.

The project underwent extensive refurbishment in 2015 when it was converted into a multi-tenanted building, and currently hosts more than 60 companies.

Dimitris Raptis, deputy chief executive officer and chief investment officer of Globalworth, said the Spektrum Tower is "another great addition" to Globalworth's portfolio, consistent with acquiring assets with asset management and value-add potential.

"We are delighted to welcome a significant number of new tenants with whom we look forward to developing long-term partnerships. With nearly €350m of acquisitions completed in the first half of 2018, we have established our position as the largest institutional office investor and landlord in Poland and strengthened our position as the leading office investor in Central and Eastern Europe. We continue to assess attractive opportunities and make progress with our developments in our two main markets, Poland and Romania."