GTC selling Galleria Arad, Piatra Neamt

Globe Trade Centre (GTC) is in talks to sell Galleria Arad and Piatra Neamt. The name of the buyer was not disclosed. The shopping centers as well as a plot in Poland, are worth €11m, according to GTC. Revenues generated by the two retail properties have been falling since last year.

GTC recently acquired Premium Plaza and Premium Point, which offer a total of 15,000 sqm of leasable office space. Both buildings are about 80 percent leased. Strengthening the developer’s office portfolio is one of the primary objectives of its new shareholder, the US private equity group Lone Star.