ADVERTISEMENT

GTC sells Belgrade office portfolio to Indotek for EUR 267.6 mln

Deals

One of GTC's office projects in Belgrade, Serbia.

Image by BalkansCat / Shutterstock.com

Warsaw-based property developer Globe Trade Centre (GTC) on Monday said it agreed to sell its office portfolio in Belgrade to Hungary's Indotek Group for EUR 267.6 million, according to a report by state news wire MTI.

The deal includes eleven buildings within five business parks with a combined gross leasable area of 122,175 sqm.

The transaction is expected to close in Q3 2021.

GTC said the deal would "re-balance" its portfolio "towards higher-rated countries including Poland and Hungary".

Indotek Group founder and CEO Dániel Jellinek noted that the company had started to expand abroad in the past decade and is now present in 10 countries.

"We have been looking for the opportunity to enter the Serbian market for a long time, and with the current transaction we are able to significantly strengthen our position in the region," he added.

ADVERTISEMENT

Digitization, sustainability among characteristics of future... Analysis

Digitization, sustainability among characteristics of future...

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Transformation Delineation - Microsoft country general manag... Podcasts

Transformation Delineation - Microsoft country general manag...

Most districts not planning mandatory vaccination at kinderg... City

Most districts not planning mandatory vaccination at kinderg...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.