Real estate developer Globe Trade Centre (GTC) has agreed to sell its 50 percent stake in the Galeria Kazimierz shopping mall in Kraków to Nellia, a unit of the Invesco Group.
Another 50 percent stake will be sold by GTC’s business partner Avestus. The full value of the deal was €180 million. GTC will net some €50 million on the transaction, the company said.
The 38,000-sqm mall is the third-largest retail scheme in Kraków
Courtesy of GTC
“The decision to dispose of Galeria Kazimierz is in line with our policy to refresh the company’s portfolio by selling regional maturing assets and replacing them with new developments that offer attractive returns,” GTC chief executive Alain Ickovics said in a statement.
The deal is subject to approval from Poland’s anti-monopoly watchdog. It also requires consent from the bank financing the purchase and is expected to be completed in early 2014.
Galeria Kazimierz has a GLA of 38,205 sqm and houses 130 tenants, including Cinema City, Alma, EMPIK and Reserved. It was built by GTC in 2005. It is the third-largest shopping mall in the southern city of Kraków, behind Bonarka City Center (270 stores on 91,000 sqm of GLA, opened in 2009), and Galeria Krakowska (also 270 stores, 60,000 sqm, delivered in 2006). The city is also expecting another major retail scheme soon, Galeria Bronowice, with 160 stores and 60,000 sqm of GLA, set to be delivered in November 2013.
Warsaw-based developer GTC was established in 1994. It is active in almost all CEE markets, including Hungary, Czech Republic, Romania, Bulgaria, Russia and Ukraine. It develops and manages retail, office and residential investments.
Avestus is a private European real estate investment manager with offices in Warsaw, Prague and Dublin. The company invests in the commercial, retail and hospitality segments.
From Warsaw Business Journal
Will cabinet reshuffle save PO?
BY Remi Adekoya
What’s next for Jarosław Gowin?
BY Remi Adekoya