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GTC selling prime office asset in Warsaw

Platinium Business Park, Warsaw.

Globe Trade Centre signed Head of Terms with Allianz Group regarding sale of Platinium Business Park in Warsaw. Signing of the final agreement is subject to satisfactory due diligence and approvals of statutory bodies of both the buyer and the seller.

Platinium Business Park stand out for its award-winning architectural design, technical specifications, as well as quality of it tenants. The complex is located at the intersection of Domaniewska and Wołoska streets in Warsaw. It consists of four completed buildings with a total of aprox. 44,000 sq m, one building under construction consisting of 11,000 sq m and a site with building permit for another building consisting of 13,800 sqm.

Potential sale of the buildings 5 and 6 is dependent on the achieved leasing and construction thresholds.  The buildings' final price will reflect an investment yield of 6.7% on the net operating income of each building. GTC expects that upon the transaction approval and closing, the sale of buildings 1-4 will generate free cash of approximately EUR 40 million. Additionally, under full occupancy at the agreed threshold assumption, the sale of each of buildings No. 5 and No. 6 will free approximately EUR 10-13 million cash from each transaction.

If all conditions are met, the closing of the first transaction is expected to take place in December 2011, of Building No. 5 sale - by the third quarter of 2012, and the sale of Building No. 6 during 2013.

Średnia ocena

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