GTC’s profit before tax and fair value adjustments increased to €21 million in Q3 2020 from €15 million in Q3 2019. For the January-September period, 2020’s results were slightly weaker at €52 million compared to the previous year’s €53 million.
“The third quarter of 2020 showed some improvement before we saw the second wave of COVID-19. The office sector remained resilient, while the retail sector was gradually returning to its pre-COVID state with tenants’ turnover achieving on average 87% of 2019 numbers. We kept our occupancy rate virtually unchanged as our team responded effectively to the challenges of COVID-19. On the financial side new completions during last 12 months allowed us to offset a decrease in revenues resulting from the pandemic situation and lead to a 5% increase in FFO underpinned with strong collection rates. We commenced Sofia Tower 2, a Class A office building above our Mall of Sofia shopping mall and we closed the sale of Spiral in October looking forward to the next opportunities in the region to grow further our office portfolio. All our efforts and healthy Groups situation were confirmed with investment grade rating BBB- by Scope Ratings which we did in preparation for green bonds issue on the Hungarian market,” commented Yovav Carmi, GTC’s President of the Management Board.
Office portfolio highlights
Retail portfolio highlights
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