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Eastnine AB has signed an agreement with Belgian developer Ghelamco to acquire The Bridge, a 40-storey office tower in Warsaw, at an underlying property value of EUR 300 million. The preliminary purchase price is about EUR 260 million, with the transaction expected to close in the fourth quarter of 2026, subject to financing and customary conditions. The acquisition will make Warsaw Eastnine’s largest market and is expected to increase its profit from property management per share by 20% once all tenants have occupied their premises.
Eastnine AB has entered into an agreement with Belgian real estate developer Ghelamco to acquire The Bridge, a 40-storey office property in Warsaw, at an underlying property value of EUR 300 million. The preliminary purchase price has been estimated at approximately EUR 260 million after adjustments for premises that are yet to be occupied, outstanding tenant improvement costs and rent-free periods. The acquisition remains subject to financing and other customary closing conditions.
The transaction is expected to be completed in the fourth quarter of 2026 after the majority of tenants have taken possession of their office space. Eastnine plans to finance the acquisition through existing cash reserves, a five-year secured bank loan of EUR 180 million from Erste Group and proceeds from refinancing debt within its existing property portfolio. The company has indicated that no share issue will be required to fund the acquisition.
The Bridge is a newly developed 174-metre office building located in Warsaw's central business district. Completed in 2025, the property offers around 55,300 square metres of leasable office space along with 280 underground parking spaces. It has received several sustainability and smart-building certifications, including BREEAM Outstanding, WELL v2 Platinum, DGNB, SmartScore and WiredScore Platinum. The development also incorporates the restored Bellona heritage building through a shared lobby.
The property is currently 92% leased to seven tenants. Erste Bank Polska occupies around 25,000 square metres for its Polish headquarters, while Visa has leased approximately 17,000 square metres for its technology and product hub in Poland. Other tenants include Grant Thornton, Astellas, Instytut Francuski and EssilorLuxottica. The building generates an annual rental value of EUR 18.2 million and has an average lease term exceeding ten years, with leases linked to European inflation through annual indexation.
Eastnine stated that the acquisition would make Warsaw its largest individual market. The company further indicated that once all tenants have occupied their premises, profit from property management per share is expected to increase by 20% to EUR 0.37 compared with its adjusted earnings capacity. Company Chief Executive Officer Kestutis Sasnauskas said the acquisition would strengthen Eastnine's presence in Warsaw's prime office market and significantly expand its position in the city.
The acquisition follows Eastnine's expansion in the Polish capital after it acquired the 46-storey Warsaw Unit office tower from Ghelamco in 2024. With The Bridge joining its portfolio, the company is further increasing its exposure to Warsaw's premium office market as it continues to focus on modern and sustainable office assets across Central and Eastern Europe.
Source Reuters
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