Kardan raises EUR 195m from GTC share sale

Amsterdam-listed investment company Kardan has raised EUR 195 mln from the sale of about 15% of the shares in Global Trade Centre, an office and shopping centre development and investment company operating in south-eastern Europe. GTC is listed in Warsaw.

Kardan's wholly owned subsidiary, GTC Real Estate Holding, sold 35 million GTC shares at PLN 21.50 (EUR 5.5) per share. Kardan intends to use the proceeds to increase its financial headroom and reduce leverage.

Following the placement, GTC Holding holds just over 59 million shares in GTC, representing an effective control over 27.14% of GTC issued share capital. Kardan has agreed to retain its remaining interest in GTC for a period of at least 15 months.