GTC completes sale agreement of its 50% stake in Galeria Mokotow (PL)
Tuesday 2 August 2011
Globe Trade Centre S.A. (GTC) has signed an agreement for the sale of a 50% stake in its landmark development Galeria Mokotów, based on the asset value of €475 million. The buyer is an affiliate of Unibail-Rodamco S.E. – the current co-owner and manager of the shopping center.
The preliminary agreement on the sale of remaining stake was signed between GTC and an affiliate of Unibail-Rodamco S.E. in May this year. The companies finalized the agreement on August 1, 2011, after satisfying all conditions set forth in the preliminary agreement.
The transaction will bring GTC approx. €110 million of free cash to facilitate future developments in Poland and other countries throughout the region.
Galeria Mokotow is a prime retail and entertainment center located in Warsaw. The property was completed in 2000 and remains a landmark development in the retail sector in Poland.
The mall comprises 62,000 m˛ of net rentable retail space, a number of renowned shops and service points, as well as a multiplex cinema.