Globe Trade Centre S.A. (GTC), a leading commercial real estate company has announced the signing of a preliminary sale agreement for the sale of Kazimierz Office Center in Krakow, Poland.
GTC signed the agreement with a subsidiary of a fund managed by GLL Real Estate Partners, for the sale of Kazimierz Office Center in Kraków for approx. €42 mln.
GTC’s decision to sell Kazimierz Office Center is another step in realization of strategy that the company has announced several months ago. In its usual course of business, GTC disposes assets that have reached their performance maturity. The sale will generate approximately €13 mln of free cash for the Company, which will supplement the execution of GTC’s growth strategy.
“We have decided to sell this asset as, in our opinion, it has only limited potential for further value appreciation. The new owner has a different investment strategy and will benefit from the stable cash flow produced by the assets going forward. We consider this transaction as a proof of GTC’s office development capabilities”, said Thomas Kurzmann, GTC’s Chief Executive Officer.
Kazimierz Office Center offers 15,000 m² of modern office space on five floors. The building is placed in a dynamically developing part of Kraków, in the direct vicinity of city center.