Globalworth, a leading office investor in Central and Eastern Europe, has signed a preliminary agreement to sell five Warsaw office buildings to 5th Corner – a new investment platform set up by Cornerstone Investment Management and other shareholders. In this transaction, which is valued at around EUR 123 million, the buildings in Globalworth’s portfolio that are to be sold are Nordic Park, Bliski Centrum, Batory Building I, Company House I and Warta Tower.
“We are pleased to have executed the sale of these five assets. This transaction will enable our professionals responsible for Globalworth’s portfolio in Poland to focus on larger and more strategic office assets” says Łukasz Duczkowski, Head of Investments and Special Projects - Poland for Globalworth.
“We have been working on this deal with Globalworth for several months and are extremely pleased to have finally signed contracts. We are convinced that offices will remain relevant despite Covid, and this is the first step on the creation of a wider platform,” comments Darius Divwalla, managing partner at Cornerstone Investment Management.
The largest of the properties sold by Globalworth is the 30,000 sqm Warta Tower located in Warsaw’s business centre. By 2023, 5th Corner plans to have invested more than EUR 30 million in the complete renovation of the building.
Globalworth was represented for this transaction by Rymarz Zdort and Baker McKenzie (financial advisory), while the buyer was represented by Dentons, Colliers, MDDP and Savills.
Cornerstone Investment Management, founded by Przemysław Krych in 2001 is CEE’s leading private equity investment management business. With a team of experienced professionals, they deliver superior returns in areas they invest in: corporate private equity, private debt and private equity real estate - by leveraging the deep reservoir of knowledge, relationships and skillset of their team to unlock situations and create exceptional returns for investors. The company’s track record includes investments in various sectors including: real estate, IT managed services, cable operators, renewable energy, healthcare, food, green metals and financial services.