Kardan, the real estate, financial services and infrastructure firm, has raised EUR 38 mln from the sale of 6.7 million shares in CEE real estate developer Global Trade Center. The stake was sold at PLN 24 (about EUR 5.75) per share. The transaction was led by Dutch financial group ING acting as the placement agent.
Kardan, the real estate, financial services and infrastructure firm, has raised EUR 38 mln from the sale of 6.7 million shares in CEE real estate developer Global Trade Center. The stake was sold at PLN 24 (about EUR 5.75) per share. The transaction was led by Dutch financial group ING acting as the placement agent.
Amsterdam-based Kardan said the shares sold amounted to 3% of its indirect holding in GTC. After the sale, Kardan will indirectly hold 43.1% in GTC and will remain the controlling shareholder.
Kardan established GTC in 1994.
The capital gain from the sale amounted to approximately EUR 3 mln, based on the financial statements at end-June 2009. The proceeds will be used to strengthen Kardan's financial position and allow it to 'benefit from possible investment opportunities'.
Kardan added that it viewed its holding in GTC as 'an important long-term strategic asset' and has agreed with ING to a lock-up period of six months.
GTC is a major real estate developer in 10 Central and Eastern European countries focused on offices, shopping centres and residential projects. The company had a market cap of EUR 1.3 bn last week.
