IMMOFINANZ closes the acquisition of the Warsaw Spire Tower from Ghelamco and Madison International Realty



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IMMOFINANZ has successfully finalised the acquisition of the Warsaw Spire Tower through the purchase of the respective real estate holding companies.

The closing took place today, 11 July, following the release of the transaction by the Polish antitrust authorities. The sellers are the Ghelamco Group, which completed the tower in 2016, and Madison International Realty, a global real estate private equity firm. The agreed property value for the office tower equals roughly EUR 386.0 million. The expected annual rental income based on invoiced rents totals approximately EUR 19.6 million.

“The Warsaw Spire Tower strengthens our position as one of the leading providers of first-class office solutions in Warsaw and represents an optimal combination of high quality, superior infrastructure and a well-known tenant mix. This office tower is an excellent addition to our standing investment portfolio and will also significantly strengthen IMMOFINANZ’s earning power over the long-term“, comments Oliver Schumy, CEO of IMMOFINANZ, on the transaction. “In the next step, we plan to integrate the Warsaw Spire Tower into our successful, international myhive office concept with its top service, feel well atmosphere and community building.“
“I am very proud of the Warsaw Spire project. It has been appreciated not only by top tenants, but also key players on the financial markets. Warsaw Spire has redefined Warsaw’s business centre and has become an icon of the dynamically growing capital. An integral part of the building is Plac Europejski, which is one of the best public spaces created in Poland. We wish and believe that the new owner will continue the success of this place as a centre of Warsaw’s gravity”, says Jeroen van der Toolen, Managing Director CEE, Ghelamco.
“We are excited to have successfully completed the sale of Warsaw Spire to IMMOFINANZ. Ghelamco, who have proven themselves to be true experts in the Polish real estate market and excellent partners to work with, plus our thesis around Warsaw’s strong yield relative to other Tier 1 European cities, has allowed Madison to enter this new market. We continue to look for interesting opportunities after our recent investment into Capital Park as we consider Poland an attractive investment market for our firm”, adds Matthias Cordier, Managing Director of Madison International Realty.

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