Globe Trade Centre (GTC) has decided to sell its Belgrade office portfolio to the Hungarian investor Indotek Group.
The proposed acquisition price is €267.6 million, exceeding the book value of GTC’s Serbia portfolio as of 31 December 2020. The agreement will cover the sale of 11 buildings within 5 business parks of a total 122,175 sqm GLA with high occupancy rates, located in the New Belgrade district. Once completed in Q3 2021, the sale will become one of the largest real estate transactions in the last 5 years on the CEE market.
Intending to optimize its operations in Serbia, GTC has signed a sale and purchase agreement for the sale of 11 office buildings within 5 business parks – Green Heart, FortyOne, Belgrade Business Center, 19 Avenue and GTC House – occupying over 122,000 sq m in the business heart of Belgrade. The transaction price of €267.6 million is slightly above the book value as of 31 December 2020 of €265.6 million.
“The sale of 11 premium class office buildings in Belgrade is a bold move which will allow us to complete our development cycle in Serbia and start a fundamentally different chapter on this market. The sale of the Serbian portfolio couldn’t be timelier as we are currently in process of redefining market strategy and advancing our operations to be more sustainable and futureproof.
This is a benchmark transaction in Belgrade demonstrating liquidity post covid. Selling some of our assets and relocating the free cash flow for the development of brand-new, ambitious projects in Serbia and other markets of CEE is truly an “exit on a strong note”, which will drive us forward”, said Yovav Carmi, President of the Management Board of GTC.
This post is also available in: Italiano