Optima acquires majority stake in Polish property developer

Industrial

Image by Pixabay

 A fund of Hungarian investment fund manager Optima has acquired a 61.49% stake in Globe Trade Center (GTC), a property developer based in Poland that is listed on bourses in Warsaw and Johannesburg, from an affiliate of U.S.-based Lone Star Funds, the parties announced on Monday, state news wire MTI reports.

Image by Pixabay

GTC has 748,000 sqm of leasable property in Hungary and other countries in the region.

Because of their "prime location and development potential", the properties in the portfolio "are expected to provide long-term sustainable strategic investment opportunities to Optima", according to the announcement.

 Net asset value of GTCʼs property portfolio reached EUR 1.2 billion at the end of last year, data on the companyʼs website show. Occupancy at GTCʼs properties stood at 95% and take-up reached 236,000 sqm in 2019.

Optima was established in 2015 to manage the funds of the foundations of the National Bank of Hungary (MNB).

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