The foregoing owner of Kazimierz Office Center in Cracow was the GTC partnership. The company is one of the biggest players in the commercial property sector in the region of the Central, Eastern and Southern Europe. The structure will be owned by a dependent fund managed by GLL Real Estate Partners after the finalization of this transaction. The signed preliminary agreement amounts to 42 million euro.
The decision about selling the property is related to a new strategy of GTC announced several months ago. The partnership is going to sell its mature assets. The Cracow transaction is supposed to bring about ca. 13 million euro of free cash to GTC. The funds will be intended for the realization of this strategy.
We decided to sell this assets because we believe that the potential of further increasing its value is limited. The new owner has a different investment strategy and he is going to benefit from a stable source of income generated by this assets in the future. We are convinced that this transaction constitutes evidence of the quality of the GTC offer in the business sector – says Thomas Kurzmann, Chairman of the Board in GTC.
Kazimierz Office Center offers 15 000 sq. m of modern office space located on five floors. The structure is situated in the neighborhood of the Vistula river, next to the city center. The additional assets of this location are proximity to the Galeria Kazimierz shopping mall, many hotels as well as easy access to public transport. The building was commissioned in 2009. Moreover, the tenants of Kazimierz Office Center will have underground and aboveground car parks at their disposal.
The conclusion of the final sales agreement concerning Kazimierz Office Center is depended on the fulfillment of many typical conditions.