In a deal exceeding €32m, Globalworth Poland acquired Rondo Business Park in Kraków from CS Property Dynamic. The office scheme offers a total of 17,766 of space and is currently 90 percent leased to companies like Capgemini, UPC, CRIF and Lux Med. The property generates approximately €3m in annual rental income. Globalworth owns nearly 20 office and commercial properties in a number of Poland’s largest cities, including Warsaw, Wrocław, Łódź, Kraków, Katowice and Gdańsk.
In other news, S&P increased Globalworth’s rating from “BB+” to “BBB-” due primarily to its strengthened asset profile and positive operating trends. As of the end of 2018, the value of Globalworth’s standing portfolio was €2.4bn, up from from €1.7bn a year prior. The company now manages 52 assets compared to the 39 assets a year previously, with an almost even split between the value of Romanian and Polish properties (51% to 49%). At the end of 2017, 62% of the portfolio was Romanian-based. S&P warned that the company’s competitors have larger portfolios and that this could lead to revenue volatility and tenant rotation.
