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Griffin Premium buys Warsaw office building for €55M

Griffin Premium RE closed the approximately €55 million acquisition of the Warta Tower office building in Warsaw through its controlled companies.

The deal was carried out via the purchase of a 100% interest in Chmielna Inwestycje KREH2 spólka z ograniczona odpowiedzialnoscia spólka komandytowa, a company that holds the asset, from KREH2 spólka z ograniczona odpowiedzialnoscia and Chmielna Sárl.

Warta Tower features roughly 28,000 square meters of gross leasable area and produces approximately €5.9 million in annual contracted rental income. The office building is about 92% leased and has a weighted average lease length of about 3.5 years.

The real estate investment trust will finance the deal using €55 million from a short-term bridging loan granted by an affiliate of its main shareholder, Globalworth Asset Managers SRL, according to a release.