by Property Forum | Report

GTC closed 2017 with a €105 million development profit. The company acquired Belgrade Business Center (17,700 sqm) in September 2017 and the Cascade office building (4,200 sqm) in Bucharest in August 2017 for a total sum of €46 million. GTC presented its 2017 financial results.


In 2017 GTC commenced the construction 5 projects with over 128,000 sqm GLA out of which 49,000 sqm to be completed in 2018: GTC White House (Budapest) and part of Green Heart (Belgrade). 79,000 sqm is to be completed in 2019: Ada Mall (Belgrade), part of Green Heart (Belgrade), Advance Business Centre I (Sofia) and Matrix A (Zagreb). Construction for 5 projects is to start in the next 12 months, with 128,400 sqm of office space. Additional 6 projects are in the planning stage with over 114,000 sqm of office space and 61,000 sqm of retail space (in Warsaw, Budapest, Bucharest and Sofia).
 
“Our great 2017 results were driven by completion of developments and further acquisitions supported by excellent asset management of the existing portfolio. The result is significant NAV growth and strong FFO improvement” – said Thomas Kurzmann, GTC’s CEO. “This year we will keep the momentum and expect a high volume of development completions again and more accretive acquisitions boosting financial key parameters again to record heights. We managed to secure attractive land plots for projects in the CBDs of Budapest, Sofia and Zagreb providing for continuation of GTC’s expansion. We expect continuous economic growth in all of our 6 countries of operation, as we saw it in the last 2 – 3 years. On this basis we intend to considerably grow our portfolio with our existing platform and target to double our EPRA NAV\ /share in next 4-5 years” – he added.