Amsterdam-listed group Kardan has announced that it is in 'advanced negotiations' with an unnamed investor to sell its 27.75% stake in CEE real estate developer Globe Trade Centre (GTC).
Amsterdam-listed group Kardan has announced that it is in 'advanced negotiations' with an unnamed investor to sell its 27.75% stake in CEE real estate developer Globe Trade Centre (GTC).
Kardan announced in early October that it was looking for a strategic investor to acquire the stake, with Citigroup Global Markets managing the sales process.
The interest has a market value of some $200 mln (€150 mln) based on current market prices.
Kardan said that the decision to sell its 27.75% stake in GTC was predominantly due to Kardan and GTC RE’s ‘liquidity needs’ in relation to loan repayment obligations as well as the upcoming repayments of principal and interest of Kardan’s debentures in February 2014 and 2015.
Kardan is active in real estate, water infrastructure and financial services in emerging markets.
Listed on the Warsaw stock exchange, GTC operates in 10 countries in CEE and owns commercial property with a combined net area of about 647,000 m2 and valued at over €2.2 bn.
