- Sale of Neptun Office Center generates free cash after value creation via right acquisition strategy and professional asset management
- This transaction proves effectiveness of our strategy set back in 2015
GTC completed the sale of Neptun Office Center. Neptun has been in GTC’s portfolio since 2016, when the developer acquired this property as a part of the portfolio from Hines. Far-sighted asset management strategy of GTC led to the full lease up of the building, extension of average lease terms and significant value improvement.
“In 2016 we acquired the property with significant vacancy for an attractive price. Excellent in house property management and asset management expertise allowed us to reposition the building on the market and achieve full occupancy. This transaction released additional free cash to be reinvested but partly to be shared with our shareholders.” – commented Thomas Kurzmann, the CEO of the GTC group.
Neptun is a Class A office building, located in Gdańsk Wrzeszcz, at Grunwaldzka Avenue – the main arterial route connecting the city center with Sopot and Gdynia. Introduced to the market in 2014 it was the first office tower in Tricity which have become an architectural icon, symbolizing the dynamic development of the metropolis. Neptun Office Center offers 16, 100 sq m of lettable state-of-art office space and provides 160 parking places. The building is within walking distance to the numerous bus lines stops, municipal trains and located direct at the railway station of Gdansk. Surrounded by retail and service facilities, such as Galeria Bałtycka, Galeria Metropolia, and Manhattan Gdańskie shopping malls, Neptun provides a balanced combination of work and leisure activities for its tenants.
CBRE and Avison Young were representing the Vendor and the Buyer respectively.