<a id="bm-comp-b61a45d2-5d58-404a-bdaa-ef3d933ffac6" name="bm-comp-b61a45d2-5d58-404a-bdaa-ef3d933ffac6" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b61a45d2-5d58-404a-bdaa-ef3d933ffac6" style="vertical-align: top; width:100.000000%;"><ul><li>Acquiring "The Bridge" in Warsaw for EUR 300m</li><li>92% let, newly built, no new equity needed</li><li>20% IFPM accretion, clearly positive</li></ul></td></tr></table><a id="bm-comp-6a303472-5b42-4095-9332-2103d18fc867" name="bm-comp-6a303472-5b42-4095-9332-2103d18fc867" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6a303472-5b42-4095-9332-2103d18fc867" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Doing what they say</h3><p>Eastnine this morning announced that is has agreed with "Ghelamco" to acquire the property "The Bridge" in Warsaw for EUR 300m. Eastnine has acquired from Ghelamco before, and has for a long time been clear in its intentions to continue to grow in Warsaw through M&A. Just recently, Stena acquired a large building from Skanska, which we understand that investors have been speculating about Eastnine acquiring. The Bridge comprise 55,000 sqm, is 92% occupied, the two largest tenants (Erste Bank Polska and Visa) together lease 76% of the property, and other tenants include e.g. Grant Thornton. The rental value is EUR 18.2m and leases are generally triple-net.</p><h3 class="bm-h3">No equity needed</h3><p>The transaction will be financed with existing cash, adding additional debt to the existing property portfolio, and a EUR 180m secured bank debt on a 5Y-term. The company specifically states that no equity raise is needed. All else equal, we believe the transaction will push LTV by ~14pp (we forecast year-end 2026 LTV of 43%, this deal would increase that figure to 56%).</p><h3 class="bm-h3">Larger than expected</h3><p>Given the company's clear communication on its plans to continue to acquire assets in Warsaw, we argue that investors have been expecting a deal. Any deal would basically add to both leverage and earnings. However, this one is larger than we have anticipated, EUR 300m. The company states that IFPMps will increase by 20%, compared to the Q1'26 earnings capacity. In summary, we argue that the deal makes much sense, Eastnine is acquiring in Warsaw as it has said, from a developer it has done business with before. The deal is larger than we expected, is financed without raising equity, and adds 20% to earnings. We expect a positive reaction today.</p></td></tr></table>