Corporate Property Associates 17 – Global, a publicly registered non-traded real estate investment trust sponsored by W.P. Carey Inc. (NYSE:WPC), has acquired the new corporate headquarters of Polkomtel, one of Poland’s leading mobile telecommunications operators. The purchase price was not disclosed.
The recently completed 244,000-square-foot, Class A office is situated in Mokotów, one of Warsaw’s fastest developing office submarkets. The facility benefits from a central location with public transportation connections and efficient access to the central business district and Warsaw’s main international airport. The area is the largest and most established office market outside of the city center and is home to other prominent occupants such as Statoil, Maersk, Pfizer, T-Mobile and Samsung.
“This net lease transaction enhances our presence in Poland, a rapidly growing economy in Central Europe. It offered the opportunity for CPA®:17 – Global to acquire a brand new, high-quality headquarters office building in Poland’s capital city leased to a major local corporation — one of the country’s leading mobile telecommunications operators,” said Christopher Mertlitz, vice president at W. P. Carey. “The creditworthiness of the guarantor and the attractiveness of the asset, along with the long lease term, make this acquisition a strong addition to the CPA:17 – Global portfolio.”
Polkomtel provides services under the Plus brand and focuses on LTE technology, using state-of-the-art telecommunication solutions in developing services for its customers. It is a part of the Cyfrowy Polsat Group, the largest media and telecommunication group in Poland, which has 5.9 million contract customers and 16.4 million subscribers for mobile telephony, pay TV and Internet access.
The initial lease term is 10 years and includes annual Eurozone CPI-based rent escalations.
CPA:17 – Global was formed in 2007 to invest in a diversified portfolio of income-producing commercial properties and real estate-related assets and has a portfolio that consists of 113 tenants in 11 countries and over 20 industries. The company has raised $2.5 billion in equity.