CEE listed property developer Globe Trade Centre has signed a preliminary agreement to sell the Kazimierz office centre in Krakow, Poland to a fund managed by GLL Real Estate Partners.

CEE listed property developer Globe Trade Centre has signed a preliminary agreement to sell the Kazimierz office centre in Krakow, Poland to a fund managed by GLL Real Estate Partners.

The transaction amounts to around €42 mln.

In a statement, GTC said the sale is 'another step in the realization of its strategy to dispose of assets that have reached their performance maturity'. The sale will generate €13 mln of cash for the company.

'We have decided to sell this asset as, in our opinion, it has only limited potential for further value appreciation. The new owner has a different investment strategy and will benefit from the stable cash flow produced by the assets going forward. We consider this transaction as proof of GTC’s office development capabilities,' said Thomas Kurzmann, GTC’s Chief Executive Officer.

Kazimierz Office Center offers 15,000 m2 of modern office space on five floors. Completed in 2009, the building is placed in the direct vicinity of the city centre.

Dentons advised GLL on the deal.