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CBRE GI snaps up Neptun

Eurobuild CEE 13 December 2019
CBRE GI snaps up Neptun
POLAND GTC has sold the 16,100 sqm Neptun Office Center in Gdańsk. According to Eurobuild CEE sources the buyer is CBRE Global Investors.

GTC was represented by CBRE whereas the purchaser was represented by Avison Young.

“In 2016 we acquired the property with significant vacancy for an attractive price. Excellent in house property management and asset management expertise allowed us to reposition the building on the market and achieve full occupancy. This transaction released additional free cash to be reinvested but partly to be shared with our shareholders,” commented Thomas Kurzmann, the CEO of the GTC group. In Q3, 2019 GTC gave the property a book value of EUR 44.3 mln

GTC originally purchased the building in 2016 from Hines.
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