BELGRADE (Serbia), May 26 (SeeNews) – Polish property developer Global Trade Center (GTC) has agreed to sell its Belgrade office portfolio to Hungarian investor Indotek Group for â¬ 267.6m (â¬ 327.7m) million dollars), he announced.
The agreement covers the sale of 11 buildings in five business parks – Green Heart, FortyOne, Belgrade Business Center, 19 Avenue and GTC House – with a total gross leasable area of ââ122,175 square meters with occupancy rates high, located in the new district of Belgrade, GTC said in a statement earlier this week.
GTC added that it plans to allocate free cash flow generated by the transaction, which is expected to be finalized in the third quarter of 2021, to development projects both in the Serbian market and in top-rated economies.
âThe sale of 11 first-class 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 wallet couldn’t be more timely than we are. currently redefining the market strategy and advancing our operations to make them more sustainable and sustainable. This is a benchmark transaction in Belgrade demonstrating post-covid liquidity, âsaid Yovav Carmi, Chairman of the Board of GTC.
The decision to sell a portfolio of office buildings in Belgrade was motivated by GTC’s strategic plans to restore its position in the Serbian market and to invest in other markets of Central and Eastern Europe where the developer is active , the company noted.
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,â said Daniel Jellinek, Founder and CEO of Indotek Group.
Elsewhere in South-Eastern Europe, GTC is present in Croatia, Romania and Bulgaria.
($ = 0.81649 euros)