GTC Group buys the Hungarian company Winmark for EUR 160.3 million

by   CIJ News iDesk III
2021-04-28   09:40

GTC Real Estate Development Hungary - a subsidiary of Globe Trade Center (GTC) - concluded an agreement to purchase 100% of the capital of the Hungarian company Winmark from Wingprop, GTC reported. The transaction value is EUR 160.3 million (approximately PLN 731.18 million).

Winmark owns the Ericsson Head Quarter Office Building and Siemens Evosoft Head Quarter Office Building (Univerzum) in Budapest, it has been reported.

The transaction is part of the strategy of refreshing the company's portfolio with more modern and green office buildings located in the region of Central and Eastern Europe.

The Ericsson building was completed in 2017 and offers an area of ​​21,100 sqm GLA. The office building is 100% leased to Ericsson and the canteen operator. The Univerzum building was completed in 2020 and offers an area of ​​20.7 thousand square meters. m2 GLA. The office building is 100% leased to Siemens - sublet to Evosoft. Both buildings have LEED Gold certificates. The company intends to hold the property as part of its revenue generating portfolio, according to the material.

The purchase price of Winmark under the agreement is EUR 160,3 million.

"We are developing and taking over new buildings that meet the highest environmental standards, and at the same time perfectly fit into the urban fabric, creating the local landscape. We are glad that their image is not limited only to the immediate surroundings, but goes much further, shaping entire city districts The acquisition of Ericsson Headquarter and Siemens Evosoft Headquarter will complement and strengthen our portfolio of green offices in Central and Eastern Europe These two properties with a total NOI of EUR 8.9 million will significantly contribute to the FFO we generate. in combination with bank financing and green bonds issued at the turn of 2020 and 2021, "said Ariel Ferstman, financial director of GTC.

The company expects the transaction to be finalized in the second quarter of 2021, after meeting the standard conditions precedent.