Globe Trade Centre (GTC) has signed a letter of intent with an international investor for the sale of its two flagship office buildings in Warsaw. The transaction price of EUR 88 mln reflects a yield of 7-7.2%.
Globe Trade Centre (GTC) has signed a letter of intent with an international investor for the sale of its two flagship office buildings in Warsaw. The transaction price of EUR 88 mln reflects a yield of 7-7.2%.
The disposal is part of the CEE real estate developer/investor's strategy to recycle capital through selective asset disposals while further improving its liquidity position and financial ratios.
Nefryt and Topaz are prime office assets located in the heart of Mokotów, Poland's largest business district, next to the Galeria Mokotów shopping centre.The properties, which were completed in 2006 and 2008 respectively, offer around 27,000 m2 of leasable area leased to a number of international tenants including Roche, Allianz, Noble Bank, Cisco Systems, Motorola and Honeywell.
The transaction is expected to be completed by the end of June 2010.
Warsaw-listed GTC manages a portfolio valued at EUR 2.6 bn.
