GTC completes the sale agreement of its 50% stake in Galeria Mokotow

Globe Trade Centre S.A. (GTC) signed an agreement for the sale of a 50% stake in its landmark development – Galeria Mokotów, based on the asset value of EUR 475m. The buying is an affiliate of Unibail Rodamco S.E. – the current co-owner and manager of the shopping center.

The preliminary agreement on the sale of remaining stake was signed between GTC and an affiliate of Unibail Rodamco S.E. in May this year. The companies finalized the agreement on 1 August 2011, after satisfying all conditions set forth in the preliminary agreement.
The transaction will bring GTC approx EUR 110 m of free cash to facilitate future developments in Poland and other countries throughout the region.

Galeria Mokotow is a prime retail and entertainment center located in Warsaw. The property was completed in 2000 and remains a landmark development in the retail sector in Poland. The mall comprises 62,000 sqm of net rentable retail space, a number of renowned shops and service points, as well as a multiplex cinema.