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LONDON (Alliance News) - Globalworth Real Estate Investments Ltd on Wednesday said its subsidiary has made two acquisitions in Poland for a combined total of EUR169.9 million.
Globalworth owns a 77.5% stake in its Globalworth Poland Real Estate NV subsidiary, which paid EUR37.0 million for Rondo Business Park in Krakow and EUR132.9 million for Warsaw Trade Tower.
The Rondo Business Park deal closed on Tuesday last week and has a gross leasable area of 17.8 square metres across three buildings. The current occupancy of the business park is 90% and it has an annualised contracted rent of EUR3.0 million. The weighted average lease length at Rondo Business park is close to 4.5 years.
The Warsaw Trade Tower deal, meanwhile, closed Wednesday this week. The tower is one of the tallest in Warsaw and ha a 45.4 square metre lease area. Current occupancy is 88% and annualised rental income is EUR9.0 million, rising to EUR10.1 million at full occupancy. The average lease length is 2.2 years.
Globalworth Deputy Chief Executive & Chief Investment Officer Dimitris Raptis said: "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."
Shares in Globalworth closed down 2.6% at EUR9.15 on Wednesday.