GTC agrees to sell Polish mall stake for 90 mln euros
WARSAW Oct 4 (Reuters) - Warsaw-listed real estate developer GTC has agreed to sell its 50 percent stake in a shopping mall in the southern Polish city of Cracow for 90 million euros ($123 million), it said on Friday.
Together with its partner Avestus, GTC will sell full ownership of Galeria Kazimierz, which has almost 40,000 square meters of leasable area, to Nellia, a unit of Grupa Invesco.
The sale will generate around 50 million euros of net cash for GTC, the developer said.
"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 was quoted as saying in the company's statement. ($1 = 0.7340 euros) (Reporting by Adrian Krajewski; Editing by David Holmes)
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