Kardan has announced its Globe Trade Centre real estate subsidiary has signed the final agreement for the sale of the Mokotow Business Park in Warsaw for EUR 215.6 mln to Heitman European Property Partners III Fund. Both sides agreed the price could be modified by up to EUR 1.8 mln.
Kardan has announced its Globe Trade Centre real estate subsidiary has signed the final agreement for the sale of the Mokotow Business Park in Warsaw for EUR 215.6 mln to Heitman European Property Partners III Fund. Both sides agreed the price could be modified by up to EUR 1.8 mln.
The sale of the business park is part of GTC's strategy to rebalance its property portfolio by divesting mature assets in Warsaw and accelerating the acquisition of new properties in other large Polish cities, said Kardan, a Netherlands-based financial provider and real estate company. It is primarily active in Central and Eastern Europe.
GTC has a market capitalisation of EUR 2.4 bn and is listed on the Warsaw Stock Exchange. It has been active in Poland since 1994 and its current pipeline of projects in Poland represents the largest volume of investments in the company's history. Earlier in November, GTC began construction of the first building in Platinium Business Park, near Mokotow Business Park. The building, which will provide 9,000 m2 of high-standard office space, is scheduled for completion in the fourth quarter of 2007.
