€285m The Bridge deal puts Warsaw back in focus for institutional office capital

Eastnine has completed its acquisition of The Bridge in Warsaw from Ghelamco, with the transaction based on an underlying property value of €285m. The deal transfers one of the Polish capital’s newest large office complexes to the Stockholm-listed investor and makes Warsaw the largest market in Eastnine’s portfolio.

Completed in 2025, The Bridge combines a 174-metre office tower with the restored Bellona building at Plac Europejski. Together, the properties provide 55,300 sqm of lettable space and 280 underground parking spaces. The complex is located around 500 metres from Warsaw UNIT, which Eastnine acquired from Ghelamco for €280m in 2024.

Eastnine reported that 98% of The Bridge was contracted to eight tenants at closing, although 57% of the space was occupied at that point. The remaining tenants are due to move in during 2027. Erste Bank Polska has committed to approximately 25,000 sqm for its headquarters, while Visa has taken around 17,000 sqm for its technology and product operations. Other occupiers include Grant Thornton, Astellas, EssilorLuxottica and the French Institute.

Contracted annual rental income amounts to €18.2m and the average remaining lease period exceeds ten years. The combination of long leases, major corporate occupiers and a recently completed building gives Eastnine substantial additional exposure to Warsaw’s central office market. The €285m figure represents the underlying property value rather than the amount paid at closing, which was approximately €240m after adjustments relating to areas not yet occupied, tenant fit-outs and rental incentives.

Eastnine financed the acquisition using available liquidity together with a €180m five-year secured loan from Erste Group and €34m generated through refinancing elsewhere in its portfolio. Once all contracted tenants have moved into the property, the company estimates that The Bridge will increase its property-management profit per share by 18%.

For Ghelamco, the transaction releases capital from a recently completed development, with the company indicating that proceeds will primarily be used to reduce debt. At the same time, Ghelamco has signed letters of intent with international investors covering two fully permitted Warsaw developments that it intends to move towards construction in 2027 through partnership structures.

The Bridge follows Eastnine’s €280m acquisition of Warsaw UNIT two years earlier, taking its investment in the two Ghelamco-developed Warsaw properties comfortably above €500m. The latest transaction provides another significant pricing reference for Poland’s office investment market and demonstrates the scale of international capital available for recently completed Warsaw assets supported by long leases and major corporate tenants.