Globe Trade Centre S.A. (GTC), one of the leading commercial real estate developers in Central, Eastern and Southern Europe, has executed a successful share issue. The share issue was conducted through an Accelerated Book Building and was 250% oversubscribed. The price of new shares was set at PLN 7, without any discount to the closing price on the preceding day. GTC will issue 32 million series J ordinary bearer shares.
The book building exercise was carried out over one day, 10 January 2014, and resulted in over 79,000,000 subscriptions for 32,000,000 shares which proves strong interest in the company from both Polish and international investors, including current investors as well as new investors. Existing investors subscribed for more than their pro-rata shares, which were preferentially allocated do them in line with the resolution of Extraordinary Shareholders Meeting.
“The results of the book building are very encouraging. Undoubtedly, GTC remains attractive to investors. The recent change of the company’s main shareholder has enhanced the trust of the market, and shows that the company may be better positioned to realize its strategy” – explained Alain Ickovics, President of GTC Management Board.
GTC currently is preparing to launch two major retail projects: Galeria Wilanów and Galeria Północna shopping malls in Warsaw, Poland.
IPOPEMA Securities acted as offering agent and sole bookrunner.
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.