Globe Trade Centre S.A. (GTC), the leading developer of commercial real estate in Central, Eastern and Southern Europe, has announced the signing of preliminary sale agreement with Nellia Sp. z o.o., part of the Invesco Group, regarding terms of sale of Galeria Kazimierz shopping mall located in Krakow, Poland.
GTC’s decision to sell its stake in Galeria Kazimierz is in line with the Company’s strategy to sell mature assets, as well as in accordance with the Company’s plan to generate net cash from disposal of assets, as announced last year. The transaction price of 180 million euro for the 100% stake in Galeria Kazimierz reflects the demand for such prime asset. Finalization of the transaction is subject to regulatory and other customary conditions precedent.
“Every investment we decide to sell, immediately finds renowned buyers. It is a proof that GTC is a company which develops top quality shopping malls” – saidAlain Ickovics, President of Management Board of GTC. “The decision to dispose Galeria Kazimierz is also in line with our policy to refresh the company’s portfolio by selling regional maturing assets and replacing them with new development that offers attractive return” – he added.
By concluding negotiations to sell the asset, GTC and its partner Avestus will dispose 100% of Galeria Kazimierz. Upon fulfillment of standard conditions precedent and signing the final sale deed, the transaction will generate approximately 50 million euro of net cash for GTC.
Galeria Kazimierz shopping mall, located in historic centre of Krakow at Podgorska street, is one of the most popular shopping centers in city metropolitan area. The mall offers almost 40.000 square meters of leasable area. Galeria Kazimierz tenants include companies such as Cinema City, Alma, EMPiK and Reserved.
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.