GTC sells Mokotów Business Park for zł.882 million

Mokotów Business Park comprises 107,000 sqm of net rentable area in nine buildings. According to the company's statement, the transaction is part of a strategy to rebalance its property portfolio in Poland, including the sale of mature assets in Warsaw and expansion in other large Polish cities. In addition, GTC has begun construction of the first building of the Platinium Business Park. The first building will consist of 9,000 sqm of office space. The building will be located across the Mokotów Business Park and its completion is scheduled for Q4 2007. In Warsaw, GTC is developing three projects that comprise 33,000 sqm in total. In addition, GTC is currently developing projects in Kraków, Poznań, Wrocław, Łódź, Częstochowa and Katowice. The company expects that in 2007 approximately 250,000 sqm of net space will be under various stages of development in seven cities in Poland. (WBJ Real Estate Newsletter)