GTC signs LOI to sell Nefryt and Topaz

Globe Trade Centre has signed a letter of intent with an as yet undisclosed international investor for sale of its two office buildings in Warsaw: Nefryt and Topaz. Nefryt and Topaz are office assets located in Mokotów, Warsaw’s prime office hub, next to Galeria Mokotów shopping center (also developed by GTC).

Current tenants include Roche, Allianz, Noble Bank, Cisco Systems, Motorola and Honeywell along with others. The total rentable space of the building is approx 27,000 sqm. According to GTC, “the final execution of the transaction is subject to due diligence and approvals of statutory organs of both the buyer and the seller and is scheduled for the end of June 2010”.

The agreed value of the transaction reflects the price of approx €3,000 per net sqm and the yields of 7.0-7.2% on a current income.

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