Globe Trade Centre S.A. (GTC) signed an agreement for the sale of a 50% stake in its landmark development – Galeria Mokotów, based on an asset value of EUR 475m. The purchaser is an affiliate of Unibail Rodamco S.E. – the current co-owner and manager of the shopping center. The transaction will strengthen GTC’s financial position even more and facilitate future developments.
“The value of the transaction demonstrates the high quality of GTC’s assets and its ability to generate profits upon their disposal as outlined in its strategy.” said Eli Alroy, Chairman of the GTC Supervisory Board. “The transaction is in line with the GTC’s strategy of rebalancing its property portfolio, including the sale of mature assets and reinvesting in further expansion. As the real estate investment market continues to improve, we proceed with recycling of capital and plan new investments in the commercial sector in Poland”.
The final execution of the transaction is subject to standard closing conditions.
Galeria Mokotow is a prime retail and entertainment center located in Warsaw. The property was completed in 2000 and remains a landmark development in the retail sector in Poland. The mall comprises 62,000 sqm of net rentable retail space, a number of renowned shops and service points, as well as a multiplex cinema.