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EBRD reduces stake in Globe Trade Centre SA.
The EBRD has sold 50 per cent of its equity stake in Globe Trade Centre S.A.,
a leading real estate developer in Poland and the region, listed on the Warsaw
Stock Exchange, through ING Bank N.V., London Branch. Following the
transaction, the EBRD retains 1.93 per cent of the company’s ordinary shares.
The exit price per share represented a small discount to yesterday’s closing
price of PLN 279 on the Warsaw Stock Exchange. As a part of the transaction,
the EBRD has undertaken not to sell any further shares in Globe Trade Centre
S.A. for at least six months.
The Bank acquired its stake in 2000, providing support to Globe Trade Centre
S.A.’s expansion in preparation of its IPO on the Warsaw Stock Exchange. As a
result of its 2004 listing on the Warsaw Stock Exchange and a number of
secondary offerings, Globe Trade Centre S.A. has demonstrated its capacity to
attract high quality local and international investors. The reduction in
EBRD’s stake should benefit the local capital market by increasing the free
float of the company’s shares.
Ilaria Benucci, EBRD Director for Property and Tourism, said the EBRD remains
a committed investor in Globe Trade Centre S.A. and lender to some of its
subsidiaries and strongly supports its further development in the Bank’s
countries of operations, including Romania, Serbia and Ukraine.
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