Platinium Business Park V sold for €34 million

Office building Platinium Business Park in Warsaw
Office building Platinium Business Park in Warsaw
Allianz Real Estate Group purchased one of the office buildings from Platinium Business Park from Global Trade Centre S.A. (GTC) in Warsaw.

28 February 2013 the purchase transaction of the fifth office building of the complex Platinium Business Park was finalized. Allianz Real Estate Group purchased the building for €16 million in free cash flow from Globe Trade Centre S.A.  This means to the seller the free cash flow of €16 million.

The sale of the Platinium I-IV buildings was finalized in October 2012. The final price of five buildings in Platinium Business Park amounted to €173 million. The transaction, carried out with capitalization rate of 6.7%, generated to GTC in total €60 million of free cash flow. The last building was sold after successful completion of its commercialization.

The office complex  Platinium Business Park is situated at the intersection of Domaniewska and Wołoska Streets in Warsaw and consists of five completed buildings with a total lease area of  56,000 sq m. The fifth and last building received the LEED Core&Shell Gold certification. All office buildings are fully leased.

Despite the successful transaction, GTC may extend the complex by an additional building of the area of approximately 13,000 sq m.

GTC Group is a leading real estate developer in Central and Eastern Europe. The compay was established in Warsaw and currently operates in Poland, Romania, Hungary, Croatia, Serbia, Bulgaria, Slovakia, the Czech Republic, Russia and Ukraine. The company is listed on the Warsaw's Stock Exchange. The Groups portfolio comprises approximately 647,000 sq m of commercial space and its assets amount to over €2.2 billion.

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