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GTC now on sale?

Tomasz Szpyt-Grzegórski 11 April 2018

Tomasz Szpyt-Grzegórski

Deputy editor in chief, journalist

+48 22 356 25 21

Tomek is a journalist and editor with many years of experience. He has been covering the real estate market since 2006. His main fields of interest are the investment and office markets as well as urban development. He also edits the magazine’s Facebook and twitter pages (@TomaszSzpyt). His articles have appeared, among others, in Dziennik, DGP, GazetaPrawna.pl, Forsal.pl, Dziennik.pl, Newsweek.pl, WSJ Poland and The City. In his free time he likes reading, cinema and rollerblading

GTC now on sale?
Galeria Północna in Warsaw is one of the latest malls developed by GTC

EUROPE Lone Star is considering the sale of the 61.1 pct stake valued at PLN 2.5 bln in mall developer Globe Trade Center (GTC) held by its fund LSREF III GTC Investments.

GTC announced in a stock exchange announcement that all of the fund’s 287,516,755 shares could eventually be sold to a strategic investor. Lone Star has appointed J.P. Morgan and UBS to help the company review its investment in GTC but it is not considering a public offering through an accelerated book build. Lone Star purchased the majority stake in GTC in 2015. The value of GTC's real estate portfolio on December 31st 2017 came to EUR 1.958 bln (around PLN 8.204 bln), which compares to EUR 1.624 bln at the end of 2016.

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