4th March 2013
Tuesday, May 21st, 2013
GTC sells Platinium Business Park V for E34 million
The sale accounts for 30 percent of the company's three-year sales plan
Warsaw Stock Exchange-listed developer Globe Trade Centre (GTC), has sold its Platinium Business Park V building in Warsaw for €33.9 million to Calobra Investments from the Allianz Real Estate group.
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| The sale of buildings in Platinium Business Park has earned GTC E173 million Courtesy of GTC |
The 11-storey Platinium Business Park V comprises approximately 11,000 sqm of leasable space. It is the last of the five buildings within Platinium Business Park to be sold. The entire complex offers a total of 56,000 sqm of GLA.
GTC still has the option of constructing a sixth building within the scheme. If it does so, the total leasable space of the complex will come to approximately 66,000 sqm.
GTC has now earned some €173 million total from its sale of all five buildings in the scheme, reflecting an investment yield of 6.7 percent. The sale of all five buildings generated GTC approximately €60 million in free cash, of which approximately €16 million came from the sale of the fifth building. GTC had earlier announced it would sell the development in Q1 2013 and thus carry out 30 percent of its three-year sales plan.
The architectural design of Platinium Business Park V was provided by Grupa 5 Architekci. Warbud was the general contractor of the building, for which GTC plans to obtain LEED Gold certification.
Founded in 1994 in Warsaw, GTC is active in Central and Eastern Europe as well as in Southeastern Europe. The company has so far delivered a total of some 647,000 sqm of leasable space.
KK, KW
From Warsaw Business Journal
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