GTC Hungary, part of CEE-focused investor and developer GTC Group, has sold a class A office building in Hungary developed by the firm.
The firm said that the divestment of Spiral would generate €41 mln of free cash.
The asset, comprising a total leasable area of 30,541 m2, is located five minutes from the city centre next to Váci út Corridor and just a few hundred metres from Nyugati Railway Station.
The building was completed in 2008 and offers six floors of offices and four underground parking levels. The office is currently fully let to Hungarian National Asset Management Inc, with the retail element of 1,896 m2 leased to a restaurant and a fitness centre operator.
Yovav Carmi, President of the Management Board of GTC, said: 'We believe the time has come to refresh our portfolio in Hungary by selling mature assets in order to make room for new, exciting acquisitions and developments.
'The sale of Spiral is in line with this strategy and will provide net cash to finance new acquisitions, as well as implementing our new development projects such as the Pillar and Center Point 3 office buildings.'
GTC continues to hold four modern office buildings in Budapest, namely Center Point 1 and 2 with a lettable area of 40,900 m2; Duna Tower comprising 31,300 m2 of office space; and GTC Metro, covering 16,200 m2. The Pillar office building, presently being developed by GTC, is fully pre-leased.
Since 1994, GTC has developed 74 office and retail properties with a total area of 1.3 million sq m across the CEE region.
