The 200-meter-tall Warsaw UNIT skyscraper, boasting nearly 60,000 sqm of prime office space, was sold by Belgian developer Ghelamco to Swedish investment firm Eastnine AB, marking a significant milestone in the post-pandemic recovery of commercial real estate.

Ghelamco Poland’s Managing Director, Jarosław Zagórski, hailed the sale as a testament to the city’s thriving market.

“The entire market has been waiting for this kind of transaction,” Zagórski told TVP World.

“This confirms how robust and sound the market is here. No one now has any doubts that this is one of the best markets in Europe for commercial real estate.”

How big is the sale?

The deal accounts for over a quarter of the total investment in Polish office real estate this year, which stood at just under €1 billion in the first three quarters.

Eastnine AB CEO Kęstutis Sasnauskas said: “Warsaw UNIT is an iconic building and represents everything we are looking for in an investment. The vibrant location, highest ESG standards and multinational tenant mix fit perfectly into the Eastnine strategy.”

Ghelamco is no stranger to shaping Warsaw’s skyline. The company is behind landmark developments such as the Warsaw Spire and Warsaw Hub, the latter of which was recently purchased by Google.

Eastnine, listed on the Nasdaq Stockholm exchange, specializes in high-value properties located in key areas across the Baltics and beyond. In 2022, the company expanded into the Polish market with the acquisition of the Nowy Rynek complex in Poznań from developer Skanska and it continues to expand its portfolio in both the Baltics and Poland.