GTC sells Nefryt and Topaz to RREEF at 7.2%

Warsaw listed Globe Trade Centre has sold two of its office buildings in Warsaw: Nefryt and Topaz. The assets were purchased by a fund managed by RREEF Investment. The transaction value was €79 and the yield at 7.2 percent.

“This transaction is the first asset disposal for GTC since September 2007,” said Eli Alroy, Chairman of the GTC Supervisory Board, as quoted in the company’s press release. “We believe that the real estate investment market will continue to improve, which may encourage us to proceed with recycling of capital, as in the past GTC used to sell one or two assets per year.”

Nefryt and Topaz are located in the heart of Mokotów, the largest business district in Poland, next to the Galeria Mokotów shopping mall. The Topaz and Nefryt buildings has  a total combined area of approx  27,000 sqm. The tenant list includes such renowned firms as Roche, Allianz, Cisco Systems, Motorola, Honeywell and Noble Bank.


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