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EBRD subscribes to initial public offering of Poland’s leading property developer
The European Bank for Reconstruction and Development (EBRD) has agreed to subscribe to shares of Globe Trade Centre (GTC), subject to certain terms and conditions, in the forthcoming initial public offering (IPO) of this leading Polish property developer on the Warsaw and London stock exchanges.
The EBRD will subscribe to up to US$ 30 million (€33.2 million) as part of the IPO. The final amount will depend mainly on the take-up by the market.
"This is to be the first IPO of a property company in central and eastern Europe. It is expected to establish a benchmark for the market and encourage more institutional investment in the property sector of the region," said Edgar Rosenmayr, Director of Property, Tourism and Shipping at the EBRD.
"We are honoured that such a reputable international financial institution as the EBRD will participate in the public offer of GTC shares," said Alain Ickovics, Chairman of the Management Board of GTC "We would like to further develop our relationship with the EBRD as our shareholder."
As of the end of 1999, the EBRD had invested €565 million in the property and tourism sectors in central and eastern Europe. This is the EBRD’s ninth commitment to Poland’s property market and the 19th to the region’s property sector.
GTC is a leading developer of offices, retail and residential property in Poland. Established in 1994, it has a commercial property portfolio of about 90,000sqm of rentable area and a further 67,000sqm under construction.
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