Hungarian investor Indotek buys â¬ 267.6 million office portfolio in Serbia from Globe Trade Center (GTC).
GTC said it has agreed to sell its Belgrade office portfolio of 11 buildings in 5 business parks. The price of 267.6 million euros is 2 million euros higher than the book value at December 31, 2020.
DÃ¡niel Jellinek, Founder and CEO of Indotek, said: âThe Indotek Group has been present in its home market for almost 25 years. In the last decade, the company has also started to expand outside of Hungary, which has enabled the Indotek group to be active in 10 countries today.
âWe have been looking for the opportunity to enter the Serbian market for a long time and with the ongoing transaction we are able to significantly strengthen our position in the region. I am particularly proud that our first transaction in Serbia makes us one of the most dominant participants in the Belgrade office market.
GTC said the divestiture would help rebalance its portfolio towards “higher rated countries including Poland and Hungary”.
Yovav Carmi, Chairman of the Board of GTC, said: âThe 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 on this. market.
âThe 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 ambitious projects in Serbia and other Central and Eastern European markets is truly a ‘high note exit’, which we will advance.
To read the digital edition of the latest IPE Real Assets magazine, click here.