GTC reported rental revenues of €202 million for 2025, up 8% from the previous year, while maintaining an 87% occupancy rate across its commercial portfolio.
In October 2025, GTC Finance DAC issued €455 million of senior secured notes due in 2030, raising €429 million in net proceeds to repay outstanding senior unsecured notes. This transaction extended the group's debt maturity profile, with the remaining €299 million fully repaid in March 2026. The refinancing was well received by the market, with Scope Ratings upgrading GTC's issuer rating from B- to B with a Positive Outlook.
The company also extended maturities of key bank financings, including a €100 million loan for Galeria Jurajska extended to 2030, and secured €84 million from J&T Banka to refinance Galeria Północna. After the balance sheet date, GTC refinanced €330 million in bank loans falling due within 12 months.
"In 2025 the new Management Board, bringing international experience, has successfully addressed some of the most pressing challenges, with a landmark refinancing of Eurobonds completed," said Botond Rencz, CEO of GTC. "Our objectives remain unchanged: stabilisation, deleveraging, and strengthening the Group's foundations."
GTC leased over 151,000 sqm of commercial space in 2025, including 100,700 sqm of office space and 50,400 sqm of retail space.
The company generated €135 million in net proceeds from selective asset disposals, including the sale of GTC X office building in Belgrade and development land in Warsaw's Wilanów district. Net LTV ratio stood at 57.0% at year-end, while EPRA NTA per share amounted to €1.96.
