Globalworth has signed a preliminary agreement with 5th Corner, a new investment platform created by Cornerstone Investment Management (Cornerstone) and other shareholders, for the sale of five office buildings in Warsaw: Nordic Park, Bliskie Centrum, Batory Building I, Company House I, and Warta Tower. The transaction value is approximately €123 million. In order for it to take effect, it requires the consent of the Office of Competition and Consumer Protection and a tax decision.
"This transaction will allow our specialists managing Globalworth's Polish real estate portfolio to focus on larger and more strategic office properties," Łukasz Duczkowski, Head of Investments and Special Projects at Globalworth Poland, said.
Globalworth's real estate portfolio is valued at €3.1 billion – mainly office buildings in the largest cities in Poland and Romania.
For Cornerstone, the deal with Globalworth opens the way to building a real estate portfolio. Cornerstone is a company established in 2001 by Przemysław Krych, managing private equity investments in Central and Eastern Europe.
The 5th Corner investment platform plans to purchase office properties for over €1 billion in the largest cities in Europe within the next two or three years. The company's flagship project will be Warta Tower – the largest asset in the portfolio, a skyscraper with an area of 30,000 sqm located in the business center of Warsaw. Cornerstone plans to spend over €30 million on the renovation of Warta Tower and transform it into an office building of the highest standard, open to the city's residents and its guests. The renewed Warta will open its doors in 2023.