WOOD Flash – GTC: Icona to transfer 16% stake in GTC to Optima
GTC has announced that Icona and Optima have agreed that Icona will transfer the 16% stake it owns in GTC to Optima, from which it bought the stake originally in early-2022. This should not change GTC’s strategy, as the two parties acted in concert, and Optima held the voting rights for the stake all along. We welcome the decision of GTC’s new management, not to pursue the Ultima acquisition, announced in November. Going forward, we see securing the funds to use to repay the 2026E EUR 500m bond as the key priority. A shift to secured funding will be an important source of liquidity, but disposals remain essential for the process. Here, the 25% stake in the land plot that GTC bought near to Dublin, Ireland, in November 2022, may be relevant. We understand that the permitting is progressing well, and – having bought the stake at EUR 115m – the proceeds from the sale could be substantial, especially if GTC and its partners manage to secure a long-term tenant commitment.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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