Real estate investor and developer GTC has recorded a like-for-like rental revenue growth of 6% in the first nine months of 2023 compared to the same period of last year. At the same time, the gross margin from rental activity slightly rose to €92 million.

GTC Hungary and GTC S.A. have entered into a mutual employment contract termination agreement with Zoltán Fekete and János Gárdai. Both have also resigned from their seats on the Management Board of both entities. The resignation is effective as of 31 August 2023. Gyula Nagy and Zsolt Farkas were appointed Management Board members of GTC Hungary as well as the Management Board and Supervisory Board of GTC S.A., effective 31 August 2023.

GTC has presented strong financial results for the first half of 2023 with €90 of rental revenues, 8% higher than the €85 million recorded in the same period of the previous year.

Witold Rafalski joined GTC Poland as the Head of Asset Management and Marcin Zaskurski joined as the General Counsel and Head of Legal Department. 

The GTC Poland leasing team is joined by four new experts: Łukasz Jarzyło as Head of Office Leasing, Agnieszka Kuehn, Michał Kubicz and Maciej Łyszczyński as Senior Leasing Managers.

GTC’s adjusted EBITDA was €24 million in Q1 2023 (€26 million in Q1 2022), while net profit amounted to €12 million in Q1 2023 (€15 million in Q1 2022). The decrease mainly resulted from lower gross margin from operations and loss from revaluation, partially offset by lower finance costs and foreign exchange gain.

GTC’s adjusted EBITDA was at €101 million in 2022 (€113 million in 2021), while the net profit amounted to €25 million (€43 million in 2021). This mainly resulted from lower gross margin from operations, higher loss from revaluation and foreign exchange loss, partially offset by lower finance costs.

GTC has appointed Barbara Sikora, an experienced financial leader to head the financial activities of the group. She will replace Ariel Ferstman after he moves to lead GTC's expansion in new sectors and markets focusing on M&A, fundraising and capital markets.

As part of its energy management and sustainability strategy, the real estate developer will reduce its domestic energy consumption by 20 per cent by 2025. 

The development firm has invested in the technical modernization of its buildings and reassured "BREEAM in Use" accreditation for the Váci Greens D complex.