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GTC sells the flagship office investment in Warsaw

Platinium Business Park, Warsaw.

Globe Trade Centre SA has signed transaction framework conditions with Allianz Group, concerning sales of Platinium Business Park in the capital. The final agreement depends on the successful completion of due diligence process and on getting permission of statutory bodies of GTC and the purchaser.

Platinium Business Park is an office complex located at the crossroad of Domaniewska and Wołoska streets. It consists of four completed office buildings with the total leasable space of 44 000 sqm; the fifth office building under construction (11 000 sqm) and a parcel equipped with building permit for a building with the leasable space of 13.8 thousand sqm.

The potential sale of the fifth and sixth buildings depends on the level of rent achieved and on the advancement of construction works. The final selling price of the office buildings will be decide upon on the basis of capitalisation rate, which is 6.7 percent from Net operating profit of each of the buildings. GTC expects that the sale of the four completed buildings will generate EUR 40 million of free cash. The sale of the fifth and sixth building shall additionally produce EUR 10-13 million of free funds.

Signing of the sales agreement of the first four buildings, provided that all the conditions are met, is expected in December 2011; the sales of the fifth one before Q3 2012 and of the sixth one – in 2013.

Średnia ocena

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