“This transaction proves our ability to sell mature assets. The net cash proceeds of EUR 60m from this transaction constitute 1/3 of EUR 180m of free cash expected from the announced assets divestment plan according to the three-year financial forecast. Additionally, the acquisition by renowned institutional investor confirms the quality of our assets” – commentsAlain Ickovics, Chairman of the Supervisory Board of GTC.
PlatiniumBusinessParkstands 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 inWarsaw. The part of the complex that has been sold consists of five completed buildings with a total rentable area of aprox. 56,000 sq m. Regardless of the above, GTC may develop on this site another building consisting of approx. 13,000 sqm.
Agreements were signed subject to customary conditions precedent and are expected to be finalized by the second half of 2012. The final price of five buildings of Platinium Business Park (I – V) is EUR 173m and will be subject to adjustment when the final agreements are signed. The final price reflects the investment yield of 6.7%. Upon completion the transaction will generate approx. EUR 60m of free cash to GTC.