Polish developer Globe Trade Centre (GTC) has acquired four new property investments in Poland, Hungary and Serbia, increasing its development portfolio of commercial space by 200,000 sqm at a cost of around E75 (zł.285) million. The total development cost for all four sites is estimated at a further E205 (zł.775) million.
"GTC's experience and strong presence in each country of operation allows us to easily identify and purchase attractive projects at reasonable prices," declares Mariusz Kozłowski, investor relations director and member of the board at Globe Trade Centre. "In 2007 alone, we have acquired nearly 500,000 sqm of new building rights in places that are seeing increasingly improved market conditions in terms of sales and leasing. This is very good news for GTC shareholders," he adds.
In Poland, GTC has signed a preliminary agreement for the acquisition of a 4.7-ha plot in central Łód�, which will be designated for a residential complex of some 1,000 apartments. In Hungary, GTC's local subsidiary (GTC Hungary) has laid the groundwork for a new project on a six-ha site in a prominent district of Budapest. This will house an upmarket development which could potentially offer close to 60,000 sqm of residential space.
The company has also signed a letter of intent to purchase two mixed-use retail/office developments in Belgrade. These sites cover an area of over 3.25 ha in total, and offer 29,000 sqm of retail space and 25,000 sqm of office space in attractive locations that are easily accessible by basic transport. The larger site will offer more retail space, tailored to an area with a large resident base and no other significant retail developments.
Once all four transactions have been finalized, GTC's property portfolio will amount to some 1.7 million sqm of space with 200,000 sqm of commercial space and an additional 1.5 million sqm of land for mixed commercial and residential development.
Meanwhile, GTC Romania has also announced its purchase of a 66.6-percent stake in GML American Regency Pipera, which is developing a 100,000 sqm upscale residential development in Bucharest. The complex will be developed in two stages of 50,000 sqm each, planned for delivery in 2009 and 2010, respectively.
The e11.1 (zł.42) million investment will be GTC's fifth project in Romania, increasing its property portfolio to 370,000 sqm (60 percent of which is directly owned by the company). As the majority shareholder in the investment, GTC Romania will also recieve a 5 percent fee for managing the property.
The company is listed on the WSE's WIG20 index, as well as the MSCI international index and the GPR 250 index.
