Half Stake In Warsaw Spire Sold

Warsaw Spire
Madison International Realty acquires a half stake in Warsaw Spire. This is one of the largest transactions on the Polish office market.

Madison International Real Estate Liquidity Fund VI LP has acquired a half stake in Warsaw Spire (building A). Thus, the company is an equal owner alongside the Ghelamco GP12 fund. The estimated value of the skyscraper amounts to 350 million euro.

Madison International Realty is one of the key investors on the real estate markets in the USA and Europe. The investment in Warsaw Spire is compliant with the strategy of Fund VI, which purchased 1.24 billion dollars in 2016. Madison International Realty was represented by Greenberg Traurig whereas Ghelamco was represented by Dentons, JLL and CBRE.

Warsaw Spire is a major project of Ghelamco Poland. This is the highest office building in Central Europe. The height of this skyscraper with the spires amounts to 220 m (49 floors) whereas its size totals 64 500 sq. m. The building received many prizes, including MIPIM Awards in 2017 in the category "Best Office & Business Development". The skyscraper is leased in over 95%. The list of tenants includes Samsung, JLL, Mastercard, Shire, The Heart, Daftcode, Panattoni and Ghelamco. Warsaw Spire is situated in close proximity to Daszyńskiego roundabout. There are also the 2nd line of metro as well as numerous tram and bus lines in the closest surroundings of the building. The integral part of this investment is European Square.

Warsaw Spire is a building that has become the icon of the dynamically developing real estate market in Poland. It’s mainly characterized by its outstanding quality. This investment is definitely a good example of spectacular commercial success. We’re satisfied that our new partner and co-owner of the skyscraper is the American company Madison International Realty, which builds its portfolio basing upon the best real estate investments in the world – says Jeroen van der Toolen, Managing Director of Ghelamco, Central and Eastern Europe.

Warsaw Spire sets a new standard on the Polish market. We’re satisfied with the cooperation with Ghelamco, which resulted in this special transaction. The Polish market is outcome-oriented. The purchase of this one and only property confirms that we fit into the pattern. As Madison International Realty, we’re proud that we build strong relations with the best partner companies in their class, gaining access to local markets and, then, introducing our way of acting and experience in the field of real estates. This is a great example of such approach – says Derek Jacobson, Co-Chief Investment Officer at Madison International Realty.

 


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