• GTC agreed main terms of sale of Topaz and Nefryt office buildings in Warsaw
• Letter of Intent was signed with international real estate investor
Globe Trade Centre S.A. (GTC S.A.) signed a Letter of Intent with an international investor for sale of its two office buildings in Warsaw: Nefryt and Topaz.
Nefryt and Topaz are prime office assets located in the heart of Mokotów – the largest business district in Poland, next to Galeria Mokotów shopping centre.
The buildings stand out for its award-winning architectural design, technical specifications, as well as quality of its tenants such as Roche, Allianz, Noble Bank, Cisco Systems, Motorola and Honeywell among the others. The total rentable space of the building is approx 27,000 sqm.
The final execution of the transaction is subject to due diligence and approvals of statutory organs of both the buyer and the seller and is scheduled for the end of June 2010.
The agreed value of the transaction reflects the price of approx 3000 EUR per net sqm and the yields of 7.0-7.2% on a current income.
GLOBE TRADE CENTRE S.A. (GTC S.A.) is one of the leading developers in the New Europe and was established in 1994 in Warsaw. Currently it 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 centers and residential sector.
GTC has developed about 750 000 sqm of net space and currently is the owner of completed commercial property with a combined net area of about 455 000 sqm. GTC also holds an impressive portfolio of investment at various stages of development which will facilitate the construction of 1.8 million sqm of commercial and residential space. GTC’s total assets exceed EUR 2.6 billion.
GTC’s shares are listed on the Warsaw Stock Exchange on the prestigious WIG20 index. The company’s assets are also included in the international MSCI index and Dow Jones STOXX Eastern Europe 300 index, as well as the GPR250 index which comprises the 250 biggest and most liquid real estate companies of the world. Among GTC’s shareholders are many of the biggest Polish and international institutional investors.