Icona Capital Buys 15.7% Stake in Real Estate Company, Globe Trade Centre S.A.
London, United Kingdom, Feb. 28, 2022
Icona Capital, an investment group founded by French entrepreneur, Max-Hervé George, has announced the purchase of a substantial 15.7% stake in Globe Trade Center S.A (GTC), a leading European real estate development group. The shares have been purchased at a global transaction value of €140m from GTC Dutch Holding B.V., a vehicle directed by Optima Investments Ltd.
Icona, which now has over €2.5bn of gross assets under management, will take a seat on GTC’s Supervisory Board. Real estate is just one segment of the investment group’s operations, with projects for its global clientele managed in private equity, liquid strategy, credit, special situations, and the financial sector.
Speaking about the acquisition of GTC’s stake, Max-Hervé George said: “We are looking forward to developing our relationship further with GTC over the coming years and are delighted that in one step Icona has been able to expand its geographical exposure to some of the best commercial sites across central Europe.”
George, who has been described as one of the top prominent young entrepreneurs in Europe, is also co-founder of European luxury hospitality group, Ultima Collection. George sits on the Icona Board alongside Edward Spencer-Churchill, a director of Sun-Capital, and Francois Reyl, CEO of Swiss financial group Reyl Intesa San Paolo.
GTC is listed and headquartered in Warsaw. It has a gross asset value of €2.2bn. In the year to December 2020, it had €160m of revenue from operations and an EBITDA of €112m. Its investments are made up of 732,100m2 of both office and retail space in 43 revenue generating prime commercial buildings. It has a substantial development land bank and three properties currently under construction.
Zoltán Fekete, Chairman of the Supervisory Board of GTC said: “We are pleased to welcome on board an international group of investors that brings a new angle to our investment strategy, through which we intend to explore opportunities in markets outside Central and Eastern Europe.”