Allianz Real Estate has signed a preliminary agreement to acquire the Platinium Business Park in Warsaw from CEE property developer GTC. The investment volume for the scheme comes to EUR 173 mln and is subject to adjustment when the final agreements are signed. The final price reflects an investment yield of 6.7%.
Allianz Real Estate has signed a preliminary agreement to acquire the Platinium Business Park in Warsaw from CEE property developer GTC. The investment volume for the scheme comes to EUR 173 mln and is subject to adjustment when the final agreements are signed. The final price reflects an investment yield of 6.7%.
Platinium Business Park consists of five completed buildings comprising 56,000 m2. GTC may develop another building consisting of 13,000 m2 on the site.
Upon completion the transaction will generate EUR 60 mln of free cash for GTC. The deal is expected to close in the second half of 2012.
The transaction has taken many months to negotiate. The property arm of German insurance giant Allianz confirmed in October last year that it was in talks with GTC to buy the asset.
