Gheysens Cashes In €260M from Sale of Warsaw Skyscraper
Belgian real estate magnate Paul Gheysens has secured a critical cash injection of approximately €260 million through the sale of “The Bridge,” a landmark 40-storey skyscraper in Warsaw, Poland, to Swedish listed real estate firm Eastnine AB. The transaction, announced on Tuesday, provides much-needed liquidity for Gheysens’ financially strained Ghelamco Group, which reported a net loss of €323.9 million in 2024 and faces ongoing doubts about its ability to continue as a going concern.
The Transaction
Eastnine has entered into an agreement with Ghelamco to acquire The Bridge at an underlying property value of €300 million, with a preliminary purchase price of approximately €260 million after adjustments for unoccupied premises, tenant improvement costs, and rent-free periods, according to an Eastnine press release. The acquisition will be financed with existing cash, a five-year secured bank loan of €180 million from Erste Group, and proceeds from refinancing of debt in Eastnine’s existing portfolio. No share issue will be required. The transaction is expected to close in the fourth quarter of 2026.
The Property
The Bridge is a 174-metre, 40-storey office tower located at Plac Europejski in Warsaw’s central business district. Completed in 2025, it comprises 55,300 square metres of lettable area and 280 parking spaces. The building holds multiple prestigious certifications, including BREEAM Outstanding, Well v2 Platinum, DGNB, SmartScore, and WiredScore Platinum. The property also incorporates the historic Bellona building, a five-storey structure that has been fully refurbished and integrated through a common lobby.
The building is 92% let to seven tenants. The two largest — Erste Bank Polska, leasing approximately 25,000 square metres across the top 19 floors for its Polish headquarters, and Visa, leasing around 17,000 square metres for its global technology and product hub — together occupy 76% of the property. Other tenants include Grant Thornton, Astellas, Instytut Francuski, and EssilorLuxotica. The annual rental value amounts to €18.2 million, with an average lease term exceeding ten years on a triple net basis with annual indexation linked to European inflation.
A Familiar Buyer
This is not the first time Eastnine has acquired a Ghelamco trophy asset. In 2021, the Swedish firm purchased the “Warsaw Unit” skyscraper — a 202-metre, 46-floor tower located just 500 metres from The Bridge — for €280 million, as reported by Het Laatste Nieuws.
“We are delighted to have the opportunity to add another landmark property to our portfolio in Warsaw’s most attractive district,” said Kestutis Sasnauskas, CEO of Eastnine. “With the acquisition of The Bridge, we are doubling our market position in the city, and Warsaw becomes Eastnine’s largest individual market.”
Ghelamco’s Financial Struggles
The sale comes as Ghelamco continues to navigate a severe financial crisis that began in 2023. Rising interest rates, a sluggish office market driven by the rise of remote work, and rising construction costs have squeezed the company’s business model, which relied on using proceeds from one project to finance the next.
According to VRT NWS, Ghelamco reported a net loss of €323.9 million for 2024. The company’s auditor, KPMG, flagged “material uncertainties” that “may cast significant doubt on the group’s ability to continue as a going concern” — a warning first issued for the 2023 financial year and reiterated for 2024.
Ghelamco has been selling off its “crown jewels” to service its debt. The company reduced its net debt from €1.3 billion in 2023 to €889 million by the end of 2024 through €802 million in property sales across Belgium, Poland, and France. Previous notable divestments include The Warsaw Hub, sold to Google in 2022 for €583 million, and the Warsaw Unit skyscraper. Other assets, such as the London project “The Arc,” fell into the hands of Goldman Sachs after a contractor bankruptcy, while a luxury loft in Knokke was transferred to Belfius bank.
Broader Implications
The €260 million sale of The Bridge provides Ghelamco with critical breathing room, but questions remain about the company’s long-term viability. The group still faces approximately €420 million in short-term debt due within 12 months, and an €80 million bond repayment was due in June 2025.
For Eastnine, the acquisition is transformative. As reported by Property Forum, the deal is expected to increase Eastnine’s profit from property management per share by 201%, to €0.371 once all tenants have taken possession of their premises.
The transaction also raises questions about the future of Royal Antwerp FC, the Belgian football club owned by Gheysens. Due to Ghelamco’s financial problems, Gheysens has stated he will no longer inject private money into the club, and there have been reports that a consortium around Wouter Vandenhaute may be interested in a takeover.
What’s Next
The sale of The Bridge is expected to close in Q4 2026, once the majority of tenants have taken possession of their premises. Whether this cash injection will be sufficient to address KPMG’s going concern warning — or whether further asset sales will be necessary — remains to be seen. For now, Gheysens has bought himself time, but the fundamental pressures on his real estate empire remain.