Warsaw-listed Globe Trade Centre (GTC) has purchased Russian property developers OOO Okkerville and ZAO Krasny Mayak for a total of EUR 43mln. In April, the company signed a preliminary agreement for a 50% stake in a commercial investment project to build a 110,000 m[sup]2[/sup] office building in the Vyborgsky neighbourhood of St Petersburg. The project is a joint venture with Israeli insurance company Menora Mivtachim Insurance.
Warsaw-listed Globe Trade Centre (GTC) has purchased Russian property developers OOO Okkerville and ZAO Krasny Mayak for a total of EUR 43mln. In April, the company signed a preliminary agreement for a 50% stake in a commercial investment project to build a 110,000 m2 office building in the Vyborgsky neighbourhood of St Petersburg. The project is a joint venture with Israeli insurance company Menora Mivtachim Insurance.
According to Mariusz Kozlowski, GTC's investor relations director, the acquisition closes the preliminary deal. The transaction was carried out through GTC's GTCE.WA subsidiary, Yatelsis Viborgskaya Limited, which bought 100% of both companies from private individuals. The companies both hold land banks. According to statements by GTC in April the project is scheduled for completion between 2011 and 2013. Rental revenue is estimated at around EUR 53 mln annually.
