Platinum Business Park's sale.

GTC has signed framework conditions for a transaction with the buyer of Warsaw's complex- Allianz Group

Globe Trade Centre SA has decided on disposal of its flagship investment - Platinum Business Park in Warsaw. The copartnership has signed framework conditions for the transaction with the complex's buyer - Allianz Group. The transaction's final conclusion depends on successful completion of due dilligence process as well as acquiring permission from statutory bodies of GTC and the buyer.

Platinum Business Park complex consists of four completed office buildings with a total lease area of 44 000 m2, as well as the fifth one with an area of 11 000 m2 which is currently under construction, and a plot of land with a permission to build sixth building with lease area of 13 800 m2. GTC expects the sale of four completed buildings to generate around 40 million euro. Disposal of fifth and sixth buildings is to bring additional 10-13 million euro of available funds for each building.

Signing of the sale contract of first four buildings is planned for december, sale of the fifth one - by the third quarter 2012, and the sixth - in year 2013. Disposal of last two buildings depends on the achieved level of rent and progress of construction works.

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