Polish Developer Sells Stake in Krakow Mall

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Warsaw Global Trade Centre (GTC) agreed to sell its 50 percent stake in the Galeria Kazimierz shopping mall in Krakow for 90 million euros ($122 million).  

Nellia, part of Invesco Group, is purchasing the property which has almost 40,000 square meters of leasable area, GTC announced today. 

The deal will generate approximately 50 million euros of net cash for GTC, the developer said in a statement.

"The decision to dispose Galeria Kazimierz is in line with our policy to refresh the company's portfolio by selling regional maturing assets and replacing them with new developments that offer attractive returns," GTC chief executive Alain Ickovics said in the company's statement. 

GTC currently operates in Poland, Hungary, the Czech Republic, Romania, Serbia, Croatia, Slovakia, Bulgaria, Russia and Ukraine. The company has developed approximately 950,000 square meters of commercial and 300,000 square meters of residential space, according to the company website.