Polish commercial landlord Griffin Premium RE (GPRE) has purchased three offices in Poland from Echo Polska Properties (EPP) for €160 mln.
The assets include West Gate in Wroclaw, Tryton Business House in Gdansk and A4 Business Park in Katowice.
'This acquisition significantly enlarges our portfolio to nearly €700 mln, and is an important step in our mission to become the leading institutional office investor in Poland,' commented Malgorzata Turek, GPRE's CEO. '2017 has been a remarkable year for our company, and we look forward to the acceleration of our strategy in 2018.'
In 2017, GPRE debuted on the Warsaw Stock Exchange with the second largest listing of the year and attracted office investor Globalworth, the real estate investment company listed on the AIM section of the London Stock Exchange, as majority shareholder.
West Gate (pictured) is a modern office building comprising 16,600 m2 GLA, situated in the northwestern part of Wroclaw, with around 320 car parking spaces. This asset is adjacent to West Link, a forward funded asset under development.
A4 Business Park is a complex of three modern office buildings with 30,600 m2 GLA located in Katowice. The property also incorporates a ten-story parking building and has a total of over 600 car parking units.
Tryton Business House is a 24,000 m2 GLA office building located in Gdansk, comprising an eleven-story tower and two lower, six-story buildings.
The properties are leased to tenants including Intel, IBM, PKP Cargo and Nokia, comprise around 71,000 m2 GLA in aggregate, and generate a net operating income of €11.7 mln.
