WOOD Flash – GTC: buys a minority stake in a project in Ireland for EUR 115m, updates strategy
In a surprising move, GTC has announced an update of its strategy, along with an investment into an industrial and warehouse park in Ireland. GTC is buying a minority, 25%, stake in the JV that owns the Kildare Innovation Campus, located on the outskirts of Dublin, for EUR 115m. The asset consists of nine buildings, spanning 102k sqm, generating gross rental income of EUR 6.3m p.a., or c.EUR 5/sqm. Assuming that the JV does not have leverage would imply a GAV of around EUR 460m, implying a yield of only 1.4%. We understand that a new master plan for the area has been prepared. If approved, this should allow the site to be converted into what GTC calls a “Life Science and Technology campus”, with a total area of c.135k sqm. The prospective change of use and redevelopment would, presumably, require additional upfront capex, and is subject to planning, permitting and execution risk; however, if successful, it could generate substantially higher income. GTC has not provided details on the expected economics or timing of the prospective repositioning and redevelopment of the asset.Globe Trade Centre is the parent company of the capital group, Globe Trade Centre (the Group). The Group is engaged in the development and rental of office and retail space and the development and sale of residential units. The Group is a real estate company in Central and Eastern Europe and South-eastern Europe, operating in Poland, Romania, Hungary, Croatia, Serbia, Bulgaria, and Slovakia. Additionally, it co-owns land in Ukraine and Russia and operates in the Czech Republic. The Group's portfolio comprises: completed office buildings and office parks as well as retail and entertainment centres; residential projects; and undeveloped plots of land and suspended projects.
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