Tower in Warsaw sold - the largest transaction of 2024 in Europe

Eastnine Fund acquired the 46-story office tower Warsaw Unit in Warsaw from developer Ghelamco for 280 million euros. The transaction, recognized as the largest on the European office market in 2024, marks Eastnine's entry into the dynamic Warsaw real estate market. The tower, located in the city center at Daszyńskiego Roundabout, offers 59,800 m² of premium office space and meets the highest environmental standards, confirmed by BREEAM Outstanding and WELL Core v2 Platinum certificates.

Warsaw Unit is fully leased by prestigious tenants, such as Amazon, Moderna, CBRE and Panattoni, and generates annual rental revenues at the level of 18 million euros. The building, completed in 2021, also houses the main headquarters of Warta. The average remaining lease term is 5.1 years, which underscores its stability and investment attractiveness.

The acquisition was financed from existing cash funds, a green bank loan of 168 million euros and the issuance of new Eastnine shares. The transaction resulted in an increase in earnings per share from property management of 18%, to 0.32 euros, while increasing the debt-to-property value ratio (LTV) to 50%. The acquisition of Warsaw Unit is an important step in Eastnine's strategy, which emphasizes the attractiveness of the Warsaw office market in the context of Europe.