GTC, Avestus Reap €180M From Poland Shopping Center Sale

Law360, New York (October 4, 2013, 1:51 PM EDT) -- Polish commercial real estate developer Globe Trade Centre SA and European real estate private equity firm Avestus Capital have sold a shopping mall in Krakow, Poland, to a subsidiary of Grupa Invesco for €180 million (US$244.7 million), GTC said Friday.

Nellia SP ZOO will acquire a 100 percent interest in the Galeria Kazimierz shopping mall in Krakow from the 50-50 joint venture between GTC and Avestus. Both sellers will receive €90 million, according to a GTC stock exchange filing.

GTC, which owns real estate in central,...
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