The FINANCIAL -- Globe Trade Centre, a real estate developer, sold 50% of its shares of Galeria Mokotow shopping centre in Warsaw. The value of the transaction was estimated on the basis of its property valuation at €475m.

The transaction will bring GTC €110m of free cash, which will be used to carry out further investments in Poland and other countries. The buyer of the shares is Unibail Rodamco, which is the current co-owner and manager of the centre. The preliminary share purchase agreement was concluded by the GTC and Unibail Rodamco in May 2011 and the agreement was finalised on 1 August 2011 after fulfilling all the conditions contained in the agreement.

Source: www.pharmapoland.com

Related Stories

• The Ritz-Carlton, Montreal to Open as Second Canadian Jewel in the Hotel Company Portfolio
• DoubleTree by Hilton Opens Hotel in Downtown St. Paul, Minnesota
• IHG signs first Hotel Indigo in Wales