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.

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