GTC sells Mokotów Business Park (PL)

On 11th October 2006 officials from 100%-owned subsidiaries of Globe Trade Centre S.A. (GTC) signed a preliminary agreement with counterparts from Heitman Property Partners III to sell Mokotów Business Park (MBP) for approximately €215 million (US$287 million). The transaction will contribute a pre-tax revaluation gain estimated at approx. €30 million (US$40 million) to the profit in Q3 2006.

MBP is the largest office complex in Central & Eastern Europe, offering 107,000 m² of net rentable area (NRA) in nine buildings. It has attracted renowned tenants, including some of the largest international corporations.

The execution of the final agreements should be completed no later than 31 March 2007, and is subject to the Buyer obtaining relevant permits.

The sale of Mokotów Business Park is part of GTC's strategy to rebalance it's property portfolio, divesting mature assets in Warsaw and accelerating the acquisition of new projects in other large Polish cities.

Source: GTC

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