4th Nov 2019 09:06
(Alliance News) - Property firm Globalworth Real Estate Investments Ltd said Monday it bought two office developments in Poland for a maximum of EUR185 million from Cavatina Holdings SA.
Globalworth has signed a deal with Cavatina to buy the 25,000 square metre Chmielna 89 office in Warsaw and the 34,000 square metre Tischnera office in Krakow.
Annual contracted rent for the two assets is expected to be around EUR12 million.
The maximum consideration for the two property acquisitions is EUR185 million. Final pricing will be determined once leasing status at completion and other deductions are accounted from. The deal is expected to close in the first quarter of 2020.
"These exciting two additions to our portfolio are part of the investment pipeline under exclusivity that we announced alongside our recent EUR264 million equity raise," Globalworth Deputy Chief Executive Officer Dimitris Raptis said.
"Chmielna 89 and Tischnera Office are both new landmark projects and will further strengthen our market-leading position in Poland's two most dynamic cities", Raptis added.
Shares in Globalworth were untraded at EUR9.20 in London on Monday.
By Ahren Lester; [email protected]
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