ARTICLES LABELLED WITH TAG GTC

GTC announced that Ziv Gigi has been promoted to Executive Director for the Southeast Europe region. In his new role, he will be responsible for all operations of the office sector in Bulgaria, Romania, Serbia and Croatia. He will be in charge of executing the company's strategy and development plan, as well as all of its operational activities, including leasing and asset management. Ziv Gigi’s promotion is part of the company’s greater transformation to strengthen its country leadership to be more responsive to opportunities and challenges in local markets.

GTC Group, present in Serbia for the past 20 years, has opened its newest office building in Belgrade. GTC X brings to the market 17,700 sqm of first-class office space in Block 41, located along Milutin Milanković Boulevard in New Belgrade. 

Rent indexation shall provide for further FFO increase, while low interest cost and improved maturity profile offer downside protection, says GTC. 

Starting November 2022, Agnieszka Ciupak joined GTC Poland as Executive Director. In her newly-created role, she will be responsible for all operations of the office sector, including leasing, fit-out, asset management, facility management, as well as marketing and company-wide HR.

Property developer GTC has completed the refurbishment of its City Gate Complex office project in Bucharest following an investment of €3.5 million.

Having accurate data about a building is essential for any transaction and during the entire lifetime of the asset, with proptech solutions gaining ground in the industry, concluded speakers during the data and technology panel of CEE Property Forum 2022 in Vienna.

In H1 2022, GTC’s net profit amounted to €41 million in H1 2022 (compared to €21 million in H1 2021). This mainly resulted from a strong operating performance combined with profit from revaluation/impairment of assets and lower finance cost, partially offset by an increase in foreign exchange differences loss.

GTC signed an SPA to sell its Matrix A and B office buildings in Zagreb to a strong local real estate group from Croatia. This transaction will mark a return on cost exceeding 22% and is about 7% above the book value. GTC’s ability to sell assets well above the book value demonstrates that the current discount to NAV on its share price is not justified.

GTC has once again received LEED certifications for the Aeropark office buildings located in Warsaw. Zephirus kept its Gold level, while Nothus upgraded its rating and achieved Platinum.

Hungarian Crown Holding Kft. has purchased Cascade Office Building in central Bucharest for €10.1 million.