Galeria Kazimierz valued at EUR140 million
GTC is selling 50% interest in its shopping centre in Kraków
On 21st December 2005 Globe Trade Centre S.A. concluded with Quinlan Private an agreement to sell 50% stake in GTC Galeria Kazimierz Sp. z o.o.
(“GTC Galeria Kazimierz”) – a subsidiary that owns Galeria Kazimierz shopping centre in Kraków.
The transaction was concluded upon valuation of 100% of the shopping centre at approx. EUR140 million.
The completion of the transaction is scheduled for Q1 2006.
According to the agreement GTC will retain the management of the shopping centre..
As of 30 Sept 2005 Galeria Kazimierz was recorded in GTC’s consolidated balance sheet at the value of aprox. EUR100m. As a result GTC will post a profit from the transaction of approx. EUR 40m (before tax) in Q4 2005.
The sale is in line with GTC’s strategy to diversify its portfolio and increase its activity through strategic partnership in the region.
Operating since March 2005, Galeria Kazimierz is a leading shopping centre in Kraków. It comprises 113,000sqm gross area and 130 shops, that includes anchor tenants such as Cinema City, Alma, H&M, Zara, Reserved, C&A, New Yorker and Hugo Boss.
In November 2005 Galeria Kazimierz was awarded a title “Best shopping Centre in Poland opened in 2005” in Construction and Investment International Journal Awards.
Quinlan Private is an Irish independent private client advisory group, which was founded in 1989. It has an established competence, as principal and advisor, in originating, structuring, financing, developing and managing a diversified portfolio of prime assets. These assets include commercial office blocks, shopping centres, car-parks and hotels throughout Europe. Its current property portfolio comprises approximately 140 assets.
Quinlan Private’s total assets under management currently exceed Eur 5 billion.
These assets are located mainly UK and Ireland (80%) and CEE (15%).