GTC sells 11 office buildings in Belgrade to Hungarian investor Indotek

Globe Trade Center (GTC) has decided to sell its Belgrade office portfolio to Hungarian investor Indotek Group.

The proposed acquisition price is € 267.6 million, exceeding the book value of GTC’s portfolio in Serbia as at December 31, 2020. The agreement will relate to the sale of 11 buildings within 5 business parks of ‘a total area of ​​122,175 m² GLA with high occupancy rates, located in the New District of Belgrade. Once finalized in the third quarter of 2021, the sale will become one of the most important real estate transactions of the last 5 years in the EEC market.

With the intention of optimizing its operations in Serbia, GTC signed a sale and purchase agreement for the sale of 11 office buildings in 5 business parks – Green Heart, FortyOne, Belgrade Business Center, 19 Avenue and GTC House – occupying over 122,000 m² in the business heart of Belgrade. The transaction price of 267.6 million euros is slightly higher than the book value at December 31, 2020 of 265.6 million euros.

The sale of 11 high-end office buildings in Belgrade is a bold move that will allow us to complete our development cycle in Serbia and open a fundamentally different chapter in this market. The sale of the Serbian portfolio could not be more timely as we are currently redefining the market strategy and advancing our operations to be more sustainable and sustainable.

This is a benchmark transaction in Belgrade demonstrating post covid liquidity. The sale of some of our assets and the relocation of free cash flow for the development of brand new and ambitious projects in Serbia and other markets in Central and Eastern Europe is truly an ‘exit on a high note’, which will move us forward, ”said Yovav Carmi, Chairman of the Board of GTC.

(eKapija, 25.05.2021)

https://www.ekapija.com/news/3287300/gtc-prodao-11-poslovnih-zgrada-u-beogradu-madjarskom-investitoru-indotek-group-jedna

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