The preliminary agreement on the sale of five buildings inPlatiniumBusinessPark(I-V) was signed by GTC and Allianz in June. The companies finalized the sale of the Platinium I-IV buildings on 31 October 2012, after satisfying all conditions set forth in the preliminary agreement.
The final price of the four buildings inPlatiniumBusinessParkis EUR 139m and reflects the an investment yield of 6.7%. The transaction will bring GTC approx. EUR 44m of free cash which will allow the company to continue deleveraging and developing new projects.
The sale of the Platinium V building is expected in the first quarter of 2013 and will generate another approximately EUR 16m of free cash flow.
PlatiniumBusinessParkstands out for its award-winning architectural design, technical specifications, as well as quality of it tenants. The complex is located at the intersection of Domaniewska and Wołoska streets inWarsaw, and consists of five completed buildings, nearly 100% let, with a total rentable area of aprox. 56,000 sq m. Regardless of the transaction, GTC may develop on this site another building consisting of approx. 13,000 sqm.
Shortly before concluding the transaction, GTC received official confirmation from U.S. Green Building Council about granting LEED® Gold for Core and Shell certificate to the Platinium fifth building. The certificate covers all stages of the development process, including choice of location, design and construction works, as well as implementation of ecological solutions.