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GTC sees profits rise

Rafał Ostrowski 14 November 2017

Rafał Ostrowski


+48 22 356 25 11

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

GTC sees profits rise
Thomas Kurzmann, the CEO of GTC

EUROPE GTC has registered a EUR 112 mln profit for the first nine months of 2017, up 5 pct y-o-y. Most of the improvement is due to revaluation.

“The acquisition of two office buildings in Belgrade and Bucharest and the completion of Galeria Północna have increased our annual rent by 20 pct to EUR 105 mln,” said Thomas Kurzmann, the CEO of GTC. The revaluation gain resulting from the completion of Galeria Północna came to EUR 57 mln in Q3 2017and EUR 155 mln year to date. “The completion of Galeria Północna is a masterpiece of development resulting in a strong rise in profit and equity. Refinancing the completed mall will provide substantial cash to accelerate further growth with no need to raise new equity,’ said Thomas Kurzmann.

The company’s EBITDA for the first nine months was EUR 54 mln (no change y-o-y), while the total property value increased 15 pct to EUR 1.87 bln. In the third quarter GTC’s profit was EUR 52 mln, compared to EUR 71.4 mln in Q3 2016.

The current occupancy rate across GTC portfolio is 93 pct (compared to 94 pct on June 30th 2017). GTC has six projects under construction (totalling over 145,000 sqm gla). These include the Artico office building in Warsaw (to be completed in Q4 2017), GTC White House in Budapest, Ada Mall and Green Heart in Belgrade (to be completed in 2018) and Advance Business Centre I in Sofia as well as further stages of the Green Heart development in Belgrade and Matrix in Zagreb (2019/2020). “With the start of Matrix office in Zagreb and ABC I office in Sofia we have more than 350,000 sqm under construction or in the planning phase,” said Thomas Kurzmann

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