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Globalworth sells five of its Warsaw office buildings

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 the Warsaw business center. By 2023, 5th Corner plans to allocate over EUR 30 million to the complete renovation of the building.

Globalworth was represented in the transaction by Rymarz Zdort and Baker McKenzie (financial advisory), and the buyer was represented by Dentons, Colliers, MDDP and Savills.