20th Dec 2019 09:13
(Alliance News) - Globalworth Real Estate Investments Ltd said Friday it has agreed to acquire the Podium Park office property in Krakow, Poland from office property investor Podium Investment Poland for EUR134 million.
Podium Park is made up of three connected 11-storey buildings, which will comprise 55,000 square metres when completed.
The first building was completed in the fourth quarter of 2018, while the second and third buildings are due to be completed in the fourth quarter of 2020 and 2021 respectively.
The completed development's annual contracted rent is expected to be EUR9.6 million.
"Today's announcement of the acquisition of Podium Park, one of the most modern and ecological office projects in Poland, marks the completion of the investment pipeline in Poland which we announced on October 1 as being under exclusivity. As such, we are continuing to add critical mass to Globalworth's presence in Warsaw and Krakow, which should enable the company to maximise asset management synergies and benefits of scale," said Deputy CEO and Chief Investment Officer Dimitris Raptis.
Shares in Globalworth Real Estate - which is based in Bucharest - were down 1.4% at EUR9.10 on Friday in London.
By Dayo Laniyan; [email protected]
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