GTC signs a preliminary agreement with Heitman to sell MBP in Warsaw.
New 30,000sqm office project in Wrocław acquired.
45,000 sqm office development in Bucharest already attracting big-name tenants.

On 11th October 2006 officials from 100%-owned subsidiaries of Globe Trade Centre S.A. (GTC) signed a preliminary agreement with counterparts from Heitman Property Partners III to sell Mokotów Business Park (MBP) for USD 287 million.
The transaction will contribute a pre-tax revaluation gain estimated at USD 40 million to the profit in Q3 2006.

MBP is the largest office complex in Central & Eastern Europe, offering 107,000sqm of net rentable area (NRA) in nine buildings. It has attracted renowned tenants, including some of the largest international corporations.

The execution of the final agreements should be completed no later than 31 March 2007, and is subject to the Buyer obtaining relevant permits.

The sale of Mokotów Business Park is part of GTC’s strategy to rebalance it’s property portfolio, divesting mature assets in Warsaw and accelerating the acquisition of new projects in other large Polish cities.

In 2006 GTC accelerated acquisition pace of new investments – projects with a total building rights of 550,000sqm have been acquired this year.

On 10th October GTC acquired a 1.3 hectare site for office development in Wrocław. A 30,000 sqm NRA office park will be built in an attractive location between the city centre and the booming economic zone in Kobierzyce. With its very good access to public transportation, and exposure to the main street, it will offer future tenants efficient office space with expansion potential. Construction of the first building is planned to start in mid-2007, once a building permit has been obtained.

Earlier this year GTC acquired office projects in Łódź, a 400-unit residential project in Kraków, and a 200-apartment project in Poznań, the latter two both being in prime residential locations.

In Poland GTC is currently undertaking more real estate projects than in the company’s history.

In Warsaw GTC is starting construction of three office developments. Nefryt building (15,000sqm NRA), the first building in Platinium Business Park (9,000sqm NRA) and Okęcie Business Park (8,500sqm NRA). In a prestigious suburbs of Warsaw – Konstancin – a third phase (8,400sqm) of Osiedle Konstancja, a prestigious residential project, is under construction.

In Kraków the Newton office building (10,000sqm NRA) has been fully let prior to completion, which is scheduled for Q1 2007, while construction of its twin building Edison is planned to commence this year.
In the centre of Wrocław GTC is already developing an A-class office building that will offer 14,000sqm of net rentable area.

However, the largest office building in GTC’s portfolio is being developed in Romania.
GTC, together with its partners, is going to start construction this year of two A-class office towers in a prime commercial location in Bucharest.

City Gate will have a total of 45,000sqm NRA in two buildings, which will be built simultaneously.

The project has already attracted a great deal of interest from international and domestic tenants. Heads of terms have been signed with one of the world’s largest banks and a leading European bank for a total of 10,000sqm. A further 12,000sqm is under advanced negotiations.
GTC expects that 100% of the office space in the City Gate complex will be leased well before completion.

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