Baltic Property Trust, the European private equity real estate firm, has finalized the purchase of three offices in Warsaw with France Telecom for a total investment of €168 million ($261 million).
Baltic Property, which is based in Copenhagen, said it had entered into the final sale and leaseback with France Telecom for its BPT Optima fund. The fund has acquired and leased back three properties in Warsaw’s central business district totalling 62,000 square meters, it said. The portfolio will be leased back by France Telecom’s Polish subsidiary, Telekomunikacja Polska.
Tomasz Tromer, partner and country director of BTP Poland, called the transaction “spectacular”, adding that he believed it to be the largest sale and leaseback deal agreed in Poland. The three properties are; Twarda Tower, Moniuszki Tower and Obrzezna Building.
The BPT Optima fund is a closed ended vehicle established in 2005 with an investment capacity of €667 million targeted on the Baltic States and Poland.
The Baltic Property Trust currently has a total of four real estate funds.