Kardan N.V. traded on the Tel Aviv Stock Exchange and the Euronext announced on Sunday that it has sold 3% of its shares in Poland subsidiary Globe Trade Centre SA for about €38 million, (about NIS 210 million).

After the sale, Kardan will still hold 43.1% of GTC Poland, and will remain the controlling shareholder, which it has been since it founded the company in 1994. Kardan expects from the sale of the shares offered at an average share price of €5.75 to generate a gain of €3 million (about NIS 16.5 milion).

Kardan sold the shares through its GTC Real Estate Holdings BV unit. The deal was led by investment bank ING.

GTC Poland develops income-producing properties through national subsidairies in 10 countries across East Europe. Kardan said that it views its stake in the company as a long term strategic investment.

GTC Poland is traded on the Warsaw Stock Exchange at a market cap of €1.3 billion, (about NIS 7.3 billion).