STOCKHOLM: Eastnine AB (publ) announced that it has completed the acquisition of The Bridge, a Warsaw office property, through an asset acquisition.

The Swedish real estate company, listed on Nasdaq Stockholm’s Mid Cap sector, said the purchase price was 240 million euros ($282 million), based on an underlying property value of 285 million euros, less rents for premises not yet occupied, remaining tenant improvements and rent discounts, including for vacant spaces. A total of 20 million euros of the purchase price is conditional, of which 15 million euros is contingent upon completion of Visa’s premises.

The property is 98% leased to eight tenants as of the closing date, with 57% having already taken occupancy. The remaining contracted space will be occupied progressively throughout 2027. The two largest tenants together lease 76% of the property.

Erste Bank Polska, the third-largest bank in Poland and part of the Austrian Erste Group, leases approximately 25,000 square meters on the top 19 floors for its Polish headquarters. Visa, the global payments company, will lease a total of 17,000 square meters for its global technology and product hub to be established in Poland. Other tenants include Grant Thornton, Astellas, Instytut Francuski and EssilorLuxotica.

The annual rental value amounts to 18.2 million euros, and the average lease term exceeds 10 years. The leases have triple-net terms and include annual rent indexation based on European inflation.

The acquisition was financed with existing cash, a five-year secured bank loan from Erste Group of 180 million euros, and proceeds from completed refinancing of loans in the existing property portfolio amounting to 34 million euros.

“I am pleased that the acquisition of The Bridge is now completed and that Eastnine has become one of the largest players in Warsaw’s central business district,” said Eastnine CEO Kestutis Sasnauskas. “Poland continues to grow the fastest in Europe and with this acquisition we will be able to take a greater part of this fantastic development.”

As a result of the acquisition, Eastnine’s profit from property management per share is expected to increase by 18% to 0.36 euros after all tenants have moved in fully by the end of 2027. The loan-to-value ratio increases to 55%, and including a temporary VAT loan that will be repaid within the coming quarter, the loan-to-value ratio is calculated at 59%.

The company’s earnings capacity as of June 30, 2026, including The Bridge, shows rental income of 69.95 million euros, up 16% from 60.52 million euros. Net operating income rose 14% to 63.67 million euros. Profit from property management was 27.52 million euros, or 0.28 euros per share, a decrease of 9% compared with 30.10 million euros, or 0.31 euros per share.

Including additional leases, rental income is projected at 76.41 million euros, net operating income at 71.80 million euros, and profit from property management at 35.65 million euros, or 0.36 euros per share, an 18% increase.

Key figures show leasable area increased 21% to 313,000 square meters from 258,000 square meters. Investment properties rose 26% to 1.17 billion euros. Interest-bearing liabilities increased 43% to 705.57 million euros. The economic occupancy rate was 88%, down from 96%. The weighted average unexpired lease term was 4.4 years, up from 3.6 years. The long-term net asset value per share remained flat at 5.12 euros.

Eastnine is a Swedish real estate company that strives to be a leading provider of offices in the fastest-growing part of Europe.