Lone Star Increases Its Stake in Globe Trade Centre (CEE and CIS)
Source: Globe Trade Centre, Reuters | Author(s): Adrian Krajewski
Global private equity firm Lone Star has increased its stake in Poland-based real estate developer Globe Trade Centre (GTC) from 32.5 to 55.2 percent via a tender offer, with the intention of eventually raising its holding to 66 percent. Lone Star, which offered PLN6.1 (approximately US$1.63) per GTC share until 22 May, reduced its offer price to PLN5.5 (approximately US$1.47)—below the current market price for the company—for the remainder of the tender, which closes on 3 June. GTC owns and manages assets across Central and Eastern Europe, with investments in Poland, Czech Republic, Slovakia, Hungary, Croatia, Serbia, Romania and Bulgaria.