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.
Property Forum talked to Andrew Sim, Managing Director for Europe and Horațiu Florescu, Chairman & CEO Knight Frank Romania, Hungary, Bulgaria, Greece & Serbia, about the segments driving property investments in CEE and the impact of rising inflation and interest rates on transactions.
GTC Bulgaria is welcoming a new tenant on board – fast-growing software company Gtmhub, which will lease 1,700 sqm in Advance Business Centre I. Moreover, one of GTC’s anchor tenants extended the lease in Mall of Sofia Tower for another five years.
Kromberg & Schubert’s new plant is to start production at the beginning of Q3 2022 in Skopje, North Macedonia. The transaction was assisted by Forton MKA, an alliance partner of Cushman & Wakefield for North Macedonia.
Pedja Petronijevic and GTC terminated their agreement with mutual consent as a result Pedja will be stepping down from his current position as a member of GTC’s Management Board effective as of 15 July 2022.
Previous optimism over the prospect of the construction market in the Southeast European region is gone, the Eastern European Construction Forecasting Association (EECFA) reports. The current forecast is foreshadowing almost no growth until 2023 and contraction in 2024. The main reason behind is the worsening climate for construction due to the consequences of the Russian invasion of Ukraine.
Kraków's Nowe Czyżyny centre will be home to a new brand from the sports segment. The Newbridge leasing department has signed a lease agreement with 4F. In recent weeks, Monnari, Triumph and W.Kruk have also debuted in the facility, while Empik is preparing to open a store.
ROCKWOOL is expanding its office space in the Nowy Rynek D building, developed by Skanska in Poznań. In 2020, a competence centre was established on an area of 6,000 sqm. Now, the company has decided to lease additional 900 sqm.
Primark has opened the doors of its fourth shop in Poland for the first time in Katowice's Silesia City Center. The store occupies more than 3,600 sqm of retail space.
Tezenis brand has joined the tenants of Galeria Warmińska. This is the first showroom of this Italian brand in Olsztyn in Poland. The new boutique occupies an area of approximately 190 sqm.
Anna Trębicka will be responsible for the integration of all CBRE business lines in the Łódź region in Poland, as well as the development and proper functioning of the Łódź branch.
108 Agency announced the appointment of Petr Jílek as the new Head of Property Management for the Czech Republic.
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