The JSE has approved an inward listing of real estate group Globe Trade Center (GTC) on the bourse’s main board on August 18.
The JSE has granted the GTC a secondary inward listing in respect of up to 460.22-million shares on the real estate holdings and development sector under the abbreviated name GTCSA.
GTC’s primary listing will remain on the main market of the Warsaw Stock Exchange.
GTC is an owner and developer of office and retail properties in Poland and capital cities throughout the central and eastern Europe (CEE) and southeast Europe (SEE) regions.
“Over the last few years, we have observed significant interest from South African investors in high-quality SEE and CEE commercial real estate properties as evidenced by recent transactions in Poland, Romania, Serbia and Croatia,” says CEO Thomas Kurzmann.
Based on this rising interest, the GTC decided to pursue a secondary listing on the JSE to enlarge its shareholder base and provide South African investors an opportunity to invest in a premier commercial real estate owner and operator within the region.
PROPERTY PORTFOLIO
The group has 25 completed commercial properties, including 20 office and five retail properties with a combined space of 524 000 m2, of which the group's proportional interest amounts to 500 000 m2 of net rentable area (NRA).
It also has three commercial projects under construction, including two office projects and one retail project with total NRA of 90 000 m2, of which the group's proportional interest amounts to 9 000 m2 of NRA.
A commercial land bank designated for future development, with about 862 000 m2 of NRA, as well as residential projects and a land bank of 369 000 m2 NRA designated for residential use are also part of the company’s portfolio.
As at December 31, the book value of the group’s portfolio amounts to €1.3-billion and it generates about €84-million a year net operating income.
Based on the group’s assessment, 97% of the portfolio is core and the remaining 3% noncore, including assets held for sale and residential projects.