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The conclusion of the purchase agreement of 100% of the capital of Dorado
GLOBE TRADE CENTRE S.A.
(Incorporated and registered in Poland with KRS No.61500)
(Share code on the WSE: GTC.S.A)
(Share code on the JSE: GTC ISIN: PLGTC0000037)
(“GTC” or “the Company”)
Current report number: 7/2018
Date: 26 April 2018
Subject: The conclusion of the purchase agreement of 100% of the capital of Dorado 1 EOOD,
a Bulgarian limited liability company, the owner of Mall of Sofia
The management board of Globe Trade Centre SA (“GTC”) informs that a purchase agreement (the
"Agreement") of 100% of the capital of Dorado 1 EOOD (“Dorado”), a wholly owned Bulgarian limited
liability company, owner of Mall of Sofia shopping mall and adjacent office building located in Sofia,
Bulgaria was concluded on 26 April 2018 between EEE 5 S.à r.l., a company incorporated and
existing under the laws of the Luxembourg (the “Seller”) and GTC (the “ Buyer”).
Mall of Sofia provides 23,700 sq m of retail leasable area and 10,300 sq. m of office space. Retail
occupancy rate is currently at 98% and office occupancy rate is currently at 100%. GTC intends to
hold the building as part of the income producing portfolio.
The net purchase price, after deduction for latent capital gains tax for Dorado under the Agreement
amounted to approximately EUR 90,000,000.00 (ninety million euros),which as at the date of this
current report, based on the average EUR/PLN exchange rate announced by the National Bank of
Poland, amounts to PLN 381,528,000.00 (three hundred eighty one million five hundred twenty eight
thousand PLN 0/100).
The purchase of the Dorado will be financed by GTC's own cash.
Simultaneously, Dorado entered into a loan agreement whereby OTP BANK PLC and DSK BANK EAD
(“Lenders”) will finance the Mall of Sofia in the amount of EUR 61,425,000.00. The loan will be repaid
in quarterly instalments and subsequently by a one-off payment of the remaining principal amount at
maturity. Dorado is required to pay to the Lenders standard preparation costs and interest at a rate of
3M EURIBOR, increased by margin.
The closing of the transaction is expected in the second quarter of 2018 following completion of
standard conditions precedent.
Neither GTC nor its managers or supervisors have any relationship with the Seller or with the Seller’s
managers, except for the relations resulting from the Agreement.
Legal grounds: Article 17 of the Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive
2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC,
2003/125/EC and 2004/72/EC.
Signed by:
/s/ Thomas Kurzmann /s/ Erez Boniel
President of the Management Board Member of the Management Board
Warsaw, Poland
Sponsor: Investec Bank Limited
Date: 26/04/2018 05:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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