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GTC has finalised sale of Platinium Business Park

Platinium Business Park, Warszawa

Companies from Globe Trade Centre group (“GTC”) and from Allianz group have singed a preliminary sales agreement of the five buildings of Platinium Business Park (I – V) in Warsaw.

Platinium Business Par complex is situated at the intersection of Domaniewska and Wołoska streets in Warsaw. The part that is being sold consists of five completed buildings with a total lettable area of around 56,000 sqm. Regardless of that, GTC may extend the complex with a sixth building with an area of 13,000 sqm to let.

The preliminary sales agreement of Platinium Business Park has been concluded according to previously established general framework of the transaction. The company expects that concluding the final agreements will take place in the second half of 2012. The sales price of the five buildings of Platinium Business Park (I – V) has amounted to EUR 173,000,000 and will be subject to corrections when signing final agreements. This sales price means that the transaction was concluded with the capitalisation rate at the level of 6.7 percent. The final closing of the transaction will bring GTC around EUR 60,000,000 of ready cash.

“The amount EUR 60,000,000 is a one third of the planned net cash revenue of EUR 180,000,000 from selling assets, which we want to gain according to a three-year financial forecast,” said Alain Ickovics, Director of Supervisory Board at GTC.

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