Globalworth Poland (GPRE), the Polish arm of AIM-listed Globalworth Real Estate, has acquired an office property in Wroclaw for €35.8 mln.
West Link is an office building located to the west of the city centre comprising 14,400 m2 gross leasable area. It is fully occupied, with an annual contracted rental income of €2.5 mln and a weighted average lease length in excess of six years.
The main tenant is Nokia Solutions & Network, which is also the main tenant at GPRE's West Gate, an adjacent office property which comprises a further 16,600 m2.
The transaction, structured as a forward purchase agreement, was set out in GPRE's prospectus at the time of GPRE's IPO in April 2017.
GPRE part-funded €18 mln of the toal consideration through a forward purchase debenture in June 2017, with the remaining consideration payable on completion in March 2018, reflecting working capital and other customary adjustments.