GTC sells Warsaw office park

The property is Poland's largest office complex and includes nine buildings with 107,000 square meters of net rentable area.

By AVI KRAWITZ
August 15, 2006 08:39

 
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Globe Trade Center RE has agreed to sell its Mokotow Business Park in Warsaw to the Heitman European Property Partners III Fund for $287.5 million. The deal is expected to close by the year-end or no later than March 31 next year. The property is Poland's largest office complex and includes nine buildings with 107,000 square meters of net rentable area. GTC RE, which is 50% owned by Dutch company Kardan NV and 40% by Kardan Real Estate, said it expects to make a profit of $52m. from the deal. Kardan NV, will make $32m. and Kardan Israel, through its ownership of Kardan Real Estate company, will post a profit of $7m. All three companies are traded on the Tel Aviv Stock Exchange.

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