Apollo-Rida Poland, a partnership between real estate development company Apollo Real Estate Advisors of New York and Rida Development Corporation of Texas, the US real estate investment organisation, has agreed to acquire the Warsaw Trade Tower, Warsaw’s tallest skyscraper, from building owner Dae-Pol. The deal is thought to be Poland’s largest real estate transaction to date.
Financial details of the transaction have not been disclosed, although the estimated acquisition cost and investment capital committed is thought to exceed $100m. It is also reported that around 75 per cent of the transaction value will be debt funded. Apollo would not reveal who was financing the deal.
Warsaw Trade tower features 44,000 square meters of high-end office accommodation. Building features include the fastest elevators in Europe, raised floors, full specification VAV climate control system, and high standard fit out.
Rafal Nowicki, Apollo Rida’s senior vice president, said that the firm first became aware of the deal a year ago, when Dae-Pol announced it was putting the company that owned the building up for sale. Appollo had been working with the firm for two years prior to that.
Commenting on the company’s plans for the business going forward, Nowicki said: “Apollo’s approach is two fold. First, we want to increase the occupancy rate from 25 per cent to full occupancy. Second, We want to bring the building, which was once a city landmark, back to its original architectural and technical excellence.”
Rida Development Corporation is a privately owned real estate company founded in 1972. Apollo Real Estate Advisors has managed four real estate funds totalling more than $3.2 billion since its formation in 1990. During this time it has invested in approximately 180 transactions