Globe Trade Centre S.A. (GTC), a leading commercial real estate company has announced the signing of a preliminary sale agreement for the sale of Kazimierz Office Center in Krakow, Poland.
GTC signed the agreement with a subsidiary of a fund managed by GLL Real Estate Partners, for the sale of Kazimierz Office Center in Kraków for approximately 42 million euro.
GTC’s decision to sell Kazimierz Office Center is another step in realization of strategy that the company has announced several months ago. In its usual course of business, GTC disposes assets that have reached their performance maturity. The sale will generate approximately 13 million euro of free cash for the Company, which will supplement the execution of GTC’s growth strategy.
“We have decided to sell this asset as, in our opinion, it has only limited potential for further value appreciation. The new owner has a different investment strategy and will benefit from the stable cash flow produced by the assets going forward. We consider this transaction as a proof of GTC’s office development capabilities” – said Thomas Kurzmann, GTC’s Chief Executive Officer.
Kazimierz Office Center offers 15,000 sq m of modern office space on five floors. The building is placed in a dynamically developing part of Kraków, in the direct vicinity of city center. An additional advantage of the location is closeness to Galeria Kazimierz shopping mall, numerous hotels and easy access to public transportation. The building was completed in 2009. It offers both underground and ground-level parking.
Completion of the transaction is subject to fulfillment certain standard closing conditions.
GTC Group is at the forefront of the commercial real estate sector in Central, Eastern and Southern Europe. Its shares are listed on the Warsaw Stock Exchange and featured in the WIG30 index as well as many other international indices.
The Group was founded in 1994. Ever since we have been active on the real estate markets in Poland, Romania, Serbia, Croatia, Bulgaria, Hungary and Slovakia and we have developed 60 commercial buildings, offering over 1,000,000 sq m of lease area and nine residential projects offering over 400,000 sq m of floor space. Today GTC owns and manages 35 commercial buildings, office buildings and shopping centers, the combined space area of which is 665,000 sq m.