Globe Trade Centre signed a preliminary agreement to sell its Kazimierz Business Centre in KrakĆ³w to GLL Real Estate Partners for ā¬42m. The deal is in line with GTCās new strategy. The companyās owner, Lone Star Funds, plans to offload some of GTCās mature assets to fuel future acquisitions as well as ongoing development projects.
The Kazimierz Business Centre deal will add ā¬13m to the developerās coffers. āWe decided to sell the project, as we see its add-value potential is limited. With the new owner, the asset will gain a new investment strategy that will provide stable income,ā said Thomas Kurzmann, CEO of GTC. Delivered in 2009, Kazimierz Business Center offers 15,000 sqm of office space on five floors.
Lone Star invested ā¬160m to become the majority shareholder in GTC in 2013. The American fund increased its holding in the company last week, from 27.75 percent to 29.9 percent.
