24 May - 3 min read

Conclusion of a sale and purchase agreement concerning an office portfolio in Belgrade, Serbia.

Conclusion of a sale and purchase agreement concerning an office portfolio in Belgrade, Serbia.

GLOBE TRADE CENTRE S.A.
(Incorporated and registered in Poland with KRS No. 61500)
(Share code on the WSE: GTC.S.A)
(Share code on the JSE: GTC ISIN: PLGTC0000037)
(“GTC” or “the Company”)

Current report number: 5/2021

Date: 24 May 2021

Subject: Conclusion of a sale and purchase agreement concerning an office portfolio in Belgrade,
Serbia.

The management board of Globe Trade Centre SA (“GTC”) announces that on 21 May 2021 a sale and
purchase agreement (the “Agreement”) was signed concerning the sale of the entire share capital of

    i)         Atlas Centar d.o.o. Beograd, Demo Invest d.o.o. Novi Beograd, GTC BBC d.o.o., GTC
               Business Park d.o.o. Beograd and GTC Medjunarodni Razvoj Nekretnina d.o.o. Beograd,
               each a Serbian company, 30% owned by GTC and 70% owned by Office Planet Kft. (a
               Hungarian company 100% owned by GTC Hungary Real Estate Development Zrt), and
    ii)        Commercial and Residential Ventures d.o.o. Beograd, a Serbian company 100% owned by
               GTC,

(collectively: the “Sale Companies”), among GTC and GTC Hungary Real Estate Development Zrt. as
sellers and a Hungarian limited liability company from the Indotek Group, as the buyer (the “Buyer”).

The Sale Companies are owners of a portfolio of office buildings in Belgrade, Serbia, detailed as follows:


                                                                        GLA        Year of construction
          Project name                Company name
                                                                       (sqm)          (acquisition)


 Green Heart                Atlas Centar d.o.o. Beograd                  46,269         2008/2020

 FortyOne                   Demo Invest d.o.o. Novi Beograd              28,033         2015-2017

 BBC                        GTC BBC d.o.o.                               17,849        2009 (2017)

 19th Avenue                GTC Business Park d.o.o. Beograd             16,707            2008
                            GTC Me?unarodni Razvoj
 GTC House                  Nekretnina d.o.o. Beograd                    13,317            2005

 Total                                                                  122,175

The purchase price under the Agreement shall be calculated on an enterprise value basis, based on a
property value of aggregate EUR 267.6 million or PLN 1,203.1 million, based on the average EUR/PLN
exchange rate announced by the National Bank of Poland equal to EUR 4.4958 per PLN and will be
subject to adjustments. The aggregate book value of the properties held by the Serbian Companies as
at 31 December 2020 amounted to EUR 265.6 million or PLN 1,194.1 million, based on the average
EUR/PLN exchange rate announced by the National Bank of Poland equal to EUR 4.4958 per PLN. The
transaction will result in recognition of profit on the revaluation of assets of EUR 2 million or PLN 9
million, based on the average EUR/PLN exchange rate announced by the National Bank of Poland equal
to EUR 4.4958 per PLN.

The closing of the transaction is expected to take place in the third quarter of 2021 following the
satisfaction of customary conditions precedent, including the completion of acquisition debt financing by
the Buyer.

None of GTC, its subsidiaries or their respective management or supervisory board members have any
relationship with the Buyer or with the Buyer’s managers other than the relationship resulting from the
Agreement.

Legal grounds: Article 17 section 1 of the Regulation (EU) No 596/2014 of the European Parliament and
of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive
2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC,
2003/125/EC and 2004/72/EC.

Signed by:



/s/ Yovav Carmi                            /s/ Ariel Alejandro Ferstman
President of the Management Board          Member of the Management Board


Warsaw, Poland
Sponsor: Investec Bank Limited

Date: 24-05-2021 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.
Information on this Website is provided for general information purposes only and is not a substitute for professional advice. ASX Information (including company announcements and prices) is delayed by at least 20 minutes. JSE Information (including company announcements and prices) is delayed by at least 15 minutes. Reliance on the information you access on or from this Website is solely at your own risk. We make no representation or warranty in relation to the future performance of the companies that appear on this Website. Investment in securities involves risk and you should obtain independent professional legal, financial, investment or company advice before acting on any of the information you access on this Website. Using, browsing or otherwise accessing this Website is subject to our Terms and Conditions and our Privacy Policy.

© 2021 Listcorp. ABN 60 166 140 307

Never miss news from Globe Trade Centre S.A. (JSE:GTC) when you join Listcorp.