Published On: Sun, Nov 17th, 2013

Kardan Sells GTC Poland Stake To Lone Star Real Estate Fund III For €160 Million

Kardan N.V LOGO 
Kardan NV (TASE: KRNV;AEX:KARD) has sold its 27.75% stake in Globe Trade Centre SA  to Lone Star Real Estate Fund III for €160 million.

GTC operates in 10 eastern European countries. GTC’s total assets exceed € 2.2 billion. GTC’s shares are listed on the Warsaw Stock Exchange on the WIG30 index. The The company’s shares are included in the international Dow Jones STOXX Eastern Europe 300 index, the GPR250 index, which comprises the 250 biggest and most liquid real estate companies of the world, and the FTSE EPRA/NAREIT Emerging Index.

Kardan decided to sell GTC Poland mainly because of its liquidity needs for its pending bond principle and interest payments in February 2014 and February 2015.

The sale price reflects a company value for GTC Poland that is 1.4% . Kardan booked GTC Poland at a value of €194 million at the end of June 2013.

Kardan CEO Shouky Oren told “Globes”: “We are completing with great success a complex sale in an especially challenging market. The sale of the shares in GTC Poland is a major step for Kardan in dealing with its liquidity situation. Kardan will continue to focus on real estate and water infrastructures in emerging markets, which are expected to have faster growth than developed markets.”

Lone Star Real Estate Fund III (U.S.), L.P. and Lone Star Real Estate Fund III (Bermuda), L.P. (collectively “Lone Star Real Estate Fund III”), formed in October 2013  and by the end of the month their final closings on October 2013 with $7.0 billion in combined capital commitments.


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