Globe Trade Centre S.A. (GTC), one of the leading commercial real estate developers in Central, Eastern and Southern Europe, announces the finalization of the sale of Galeria Kazimierz shopping mall in Kraków, Poland.
GTC and the buyer, IREEF – Galeria Kazimierz PropCo Sp. z o.o., previously operating as Nellia Sp. z o.o., part of the Invesco Group, signed the final contract on Friday, December 20th. This follows the preliminary sale agreement signed at the beginning of October. The sale was approved by Office of Competition and Consumer Protection, Polish antitrust authority. Transaction, carried out by GTC and its business partner – Aventus, will generate approximately 50 million euros of net cash for GTC.
The decision to sell the stake in Galeria Kazimierz is in line with GTC’s strategy to generate net cash from disposal of assets, as announced last year. In GTC view, the transaction price of 180 million euros for the 100% stake in Galeria Kazimierz reflects the demand for such prime asset.
“We are continuing to refresh the company’s portfolio by selling maturing assets and replacing them with new developments that offer attractive return. Those new developments include two shopping malls planned in Warsaw’s districts of Wilanów and Białołęka. These projects are progressing on schedule” – said Alain Ickovics, President of GTC Management Board.
Galeria Kazimierz shopping mall is located in the historic centre of Krakow, by Podgórska street. While being one of the most popular shopping centers in city and its metropolitan area, the mall offers almost 40,000 square metres of leasable space. Galeria Kazimierz anchor tenants include companies such as: Alma, Cinema City, EMPiK and Reserved.
GLOBE TRADE CENTRE S.A. (GTC) is one of the leading developers in Central, Eastern and Southern Europe. The company was established in 1994 in Warsaw, Poland. Currently GTC operates in Poland, Hungary, the Czech Republic, Romania, Serbia, Croatia, Slovakia, Bulgaria, Russia and Ukraine. GTC develops projects and manages completed properties in three key sectors of real estate: office buildings and parks, retail and entertainment centres and residential.
To date, GTC has developed approximately 950,000 sq m of net commercial and 300,000 sq m of residential spaces. The company currently manages a combined 602,000 net sq m of completed and operational commercial space (of which the Group’s proportional interest amounts to 548 thousand sq m). GTC also holds an impressive portfolio of investment projects at various stages of development. Those will facilitate the construction of 1.1 million sq m of commercial space and 615,000 sq m of residential space. GTC S.A.’s total assets exceed EUR 1,9 billion.
GTC S.A. is listed on the Warsaw Stock Exchange on the prestigious WIG20 and WIG30 indexes. The company’s shares are also included in the international Dow Jones STOXX Eastern Europe 300 and the GPR250 index, which comprises the 250 biggest and most liquid real estate companies of the world. Also, GTCS.A. is listed on the FTSE EPRA/NAREIT Emerging Index. GTC S.A.’s shareholders include many of the biggest Polish and international institutional investors.