Madison acquires half share in Ghelamco's €350m Warsaw Spire tower

Madison International Realty is taking a 50% share of Belgian developer Ghelamco's iconic €350 mln tower project in Warsaw in one of the country’s largest office real estate transactions in recent history.

Under the deal, Madison International Real Estate Liquidity Fund VI and the Ghelamco GP12 fund will be equal owners in the building which is currently the highest office building in Central Europe.

Warsaw Spire consists of three buildings totalling 115,000 m2 of gross lettable area in a new business district called Daszynskiego roundabout. The main tower, Warsaw Spire A, reaches a height of 220 metres across 49 floors, and provides 64,500 m2 of prime office space. It is over 95% let to a strong line up of international tenants including Samsung, JLL, Mastercard, Shire, The Heart, Daftcode, Panattoni and Ghelamco.

Jeroen van der Toolen, managing director CEE, Ghelamco, commented: 'Warsaw Spire is a building which has become the icon of the dynamically growing Polish real estate market. It brought new standard and quality, at the same time being an example of a spectacular commercial success.'

Derek Jacobson, Co-Chief Investment Officer at Madison International Realty, commented: 'Warsaw Spire set a new standard for the Polish market so we are very pleased to be partnering with Ghelamco through this landmark deal. The Polish market is set for outperformance and we see this one-of-a-kind asset as well placed to take advantage of that trend.'

In the transaction Madison International Realty was represented by Greenberg Traurig. Ghelamco was represented by Dentons, JLL and CBRE.

The deal comes hard on the heels of Ghelamco's sale in late 2017 of Building B of the Warsaw Spire to Austrian office-focused property company CA Immo for around €100 mln.

The 21,600 m2 office building is 100% occupied by European Union agency Frontex as anchor tenant with a remaining lease term of around 7.5 years.

Last year German lenders Helaba, Berlin Hyp and pbb Deutsche Pfandbriefbank joined forces to provide a €370 mln investment loan to refinance the entire complex.


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