Amsterdam-listed investor Kardan has announced that it intends to sell about 15% of the shares in Global Trade Centre, an office and shopping centre development and investment company operating in southeastern Europe.

Kardan holds 43% of the shares in GTC, which is listed in Warsaw, through a wholly-owned subsidiary, GTC Holding.

The sale will be carried out in a form of accelerated book building to selected institutional investors. Following the placement, GTC Holding will remain the owner of 28% of the shares in GTC. The proceeds of the sale will be used by Kardan to increase financial headroom.

Kardan has agreed to retain its remaining interest in GTC for a period of at least 15 months. Kardan considers its remaining interest in GTC as a strategic investment for the longer term.

Morgan Stanley has been appointed sole book runner in connection with the placement, and Ipopema Securities, KBC Securities and UniCredit CAIB Poland together with Morgan Stanley have been appointed as co-lead managers.


GTC has a real estate portfolio valued at EUR 2.4 bn.