The GTC Group has acquired a modern A-class office building in Belgrade, Serbia for an undisclosed sum. Belgrade Business Center offers 17,900 sqm of GLA and 307 parking places. The acquisition will increase GTC’s Serbian portfolio to 98,400 sqm GLA.
“GTC’s strategy includes acquisition of assets with value add potential to expedite growth in parallel to our highly profitable development activity. We seek for opportunities in booming, capital cities like Belgrade, Budapest and Bucharest. Belgrade Business Center will strengthen our recurring NOI by more than €3 million per year with additional potential for NAV growth” said Thomas Kurzmann, GTC CEO.
Belgrade Business Center is located in a well-established residential and commercial area called “Belville” which offers easy access by car or public transport from all around the city. The current occupancy rate stands at 96.8% with key tenants being Air Serbia, UniCredit, and NCR.
Earlier this summer, in line with it strategy, GTC has acquired an office building in prime CBD location of Bucharest, Romania. Cascade Office Building offers 4,200 sqm of modern leasable area and has a prominent tenant list featuring Procredit Bank, Enel, and Taiwan TC.
