Globe Trade Centre has announced the finalization of the sale of Galeria Kazimierz shopping mall in Krakow, Poland.
GTC and the buyer, IREEF – Galeria Kazimierz PropCo, previously operating as Nellia, part of the Invesco Group, signed the final contract in December. This follows the preliminary sale agreement signed at the beginning of October. Office of Competition and Consumer Protection, Polish antitrust authority, approved the sale. Transaction, carried out by GTC and its business partner – Aventus, will generate about €50 million of net cash for GTC.
The decision to sell the stake in Galeria Kazimierz is in line with GTC’s strategy to generate net cash from disposal of assets, as announced last year. In GTC’s view, the transaction price of €180 million for the 100 percent stake in Galeria Kazimierz reflects the demand for such a prime asset.
“We are continuing to refresh the company’s portfolio by selling maturing assets and replacing them with new developments that offer attractive return. Those new developments include two shopping malls planned in Warsaw’s districts of Wilanów and Białołęka. These projects are progressing on schedule,” said Alain Ickovics, President of GTC Management Board.
Galeria Kazimierz shopping mall is located in the historic centre of Krakow. While being one of the most popular shopping centres in city and its metropolitan area, the mall offers almost 40,000 sqm of leasable space. Galeria Kazimierz anchor tenants include companies such as: Alma, Cinema City, EMPiK and Reserved.