Kiabi to further diversify Galeria Północna’s trade offer

Globe Trade Centre S.A. (GTC) signed a letter of intent with another tenant for Galeria Północna, the company’s flagship project in Warsaw. Kiabi, a clothing company, will lease 1,500 sq m of retail space, which will further diversify the project’s trade offer.

GTC signed another letter of intent in regard to lease of retail space in Galeria Północna shopping mall planned in Warsaw. Kiabi, the latest tenant of this new-generation retail object, decided to lease ca. 1,500 sq m.

Kiabi is a French clothing company specialized in apparel for the whole family. The company has 450 shops around the world, in which it sells about three million clothing and accessory items every week.

“Kiabi is the first among popular, international companies with a relatively limited presence in Poland, that we intend to introduce to Galeria Północna. We wish for clients visiting our object to have the opportunity to explore and enjoy retailers that are not known from other malls. We strongly believe that tenant mix resulting from a combination of popular companies already entrenched in Polish consumers’ minds and brands that are only entering Poland will provide a fresh and interesting formula, which will prove engaging to our clients” – said Jacek Wachowicz, GTC Board member.

GTC’s Galeria Północna will be our second spot in Poland. For over 30 years our ambition has been to propose trendy fashion accessible for all and we intend to introduce this concept in Galeria Północna. The project already has a rich group of apparel suppliers, however we are certain that our offer will fill an existing trade gap, and at the same time result in creating a diversified portfolio which will attract visitors” – added Michał Popławski, Expansion Manager in Schiver Polska, Kiabi franchisee in Poland.

Kiabi is yet another company to join Galeria Północna project. Recently GTC announced signing two important, key tenants for the mall. One is Cinema City, which will open a state of the art theater there, while second is H&M, a global retail-clothing leader.

Galeria Północna is currently in the last phase of operations performed before commencing construction works. The process of obtaining building permit has reached its final stage. After this is done, the company will immediately start construction, which will last for ca. 20-22 months.

Designed by the renowned APA Wojciechowski and Tzur Architects studios, Galeria Północna will feature many green, leisure and entertainment solutions, including a publicly accessible rooftop with a garden, walking paths and a playground. The project will offer its tenants approx. 60,000 sq m, while its customers will be provided with ca. 2,000 parking spaces. GTC is planning to obtain LEED Gold certification for Galeria Północna.

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GTC Group is at the forefront of the commercial real estate sector in Central, Eastern and Southern Europe. Its shares are listed on the Warsaw Stock Exchange and featured in the WIG30 index as well as many other international indices.
The Group was founded in 1994. Ever since we have been active on the real estate markets in Poland, Romania, Serbia, Croatia, Bulgaria, Hungary and Slovakia and we have developed 60 commercial buildings, offering over 1,000,000 sq m of lease area and nine residential projects offering over 400,000 sq m of floor space. Today GTC owns and manage 34 commercial buildings, office buildings and shopping centers, the combined space area of which is more than 662,000 sq m.

Globe Trade Centre S.A. sells Kazimierz Office Center for 42 million euro

Globe Trade Centre S.A. (GTC), a leading commercial real estate company has announced the signing of a preliminary sale agreement for the sale of Kazimierz Office Center in Krakow, Poland.

GTC signed the agreement with a subsidiary of a fund managed by GLL Real Estate Partners, for the sale of Kazimierz Office Center in Kraków for approximately 42 million euro.

GTC’s decision to sell Kazimierz Office Center is another step in realization of strategy that the company has announced several months ago. In its usual course of business, GTC disposes assets that have reached their performance maturity. The sale will generate approximately 13 million euro of free cash for the Company, which will supplement the execution of GTC’s growth strategy.

We have decided to sell this asset as, in our opinion, it has only limited potential for further value appreciation. The new owner has a different investment strategy and will benefit from the stable cash flow produced by the assets going forward. We consider this transaction as a proof of GTC’s office development capabilities” – said Thomas Kurzmann, GTC’s Chief Executive Officer.

Kazimierz Office Center offers 15,000 sq m of modern office space on five floors. The building is placed in a dynamically developing part of Kraków, in the direct vicinity of city center. An additional advantage of the location is closeness to Galeria Kazimierz shopping mall, numerous hotels and easy access to public transportation. The building was completed in 2009. It offers both underground and ground-level parking.

Completion of the transaction is subject to fulfillment certain standard closing conditions.

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GTC Group is at the forefront of the commercial real estate sector in Central, Eastern and Southern Europe. Its shares are listed on the Warsaw Stock Exchange and featured in the WIG30 index as well as many other international indices.

The Group was founded in 1994. Ever since we have been active on the real estate markets in Poland, Romania, Serbia, Croatia, Bulgaria, Hungary and Slovakia and we have developed 60 commercial buildings, offering over 1,000,000 sq m of lease area and nine residential projects offering over 400,000 sq m of floor space. Today GTC owns and manages 35 commercial buildings, office buildings and shopping centers, the combined space area of which is 665,000 sq m.