The preliminary agreement on the sale of remaining stake was signed between GTC and an affiliate of Unibail Rodamco S.E. in May this year. Consent from the UOKiK was one of two conditions preceding. The second and remaining condition to be fulfilled is approval by the group of banks financing the project. The consent is expected shortly.
The transaction will bring GTC approx EUR 110 m of free cash to facilitate future developments in Poland and other countries of the region. The transaction values the asset at EUR 475m.
Galeria Mokotow is a prime retail and entertainment center located in Warsaw. The property was completed in 2,000 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.