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Many projects for GTC

Anna Pakulniewicz 14 September 2018
CEE REGION Over H1 2018, GTC refurbished two buildings (21,600 sqm) in its Green Heart project (formerly known as GTC Square), completed its White House (21,500 sqm) development in Budapest and purchased the Mall of Sofia as well as Sofia Tower. At the end of the period, the company had four projects under construction with 85,000 sqm gla to be completed in 2019 and had plans to start a further three projects this year with a combined 90,000 sqm gla.
At the end of the period occupancy stood at 93 pct (94 pct as of December 31st 2017) and leases had been signed and renewed for 85,000 sqm of office and retail space. By the end of the period 59 pct of the White House had been leased with the remaining space under negotiation.

GTC expects its NAV and funds from operations to grow due to the four projects it has under construction including Ada Mall (Belgrade), a further stage of Green Heart (Belgrade), Advance Business Center I (Sofia) and Matrix A (Zagreb). The projects that it will begin this year are the Advance Business Center II (Sofia), City Rose Park 1&2 (Bucharest), The Twist (Budapest). A further two projects with over 39,000 sqm of office space are to start in H1 2019: Matrix B (Zagreb) and The Pillar (Budapest) while another six projects are at the planning stage with over 175,000 sqm gla.

Rental and service revenues increased to EUR 73 mln from EUR 58 mln recorded at the end of H1 2017. The increases were partly due to the openings in 2017 of a number of developments including FortyOne III, Galeria Północna, and Artico. Together these projects contributed EUR 12 mln to the company’s recurring rental income. Additionally, the acquisition of the Cascade Office Building, the Belgrade Business Centre and the Mall of Sofia contributed a further EUR 4 mln. These increases were partially offset by the loss of EUR 3 mln in revenues due to the sale of Galleria Stara Zagora and Galleria Burgas. The company recorded a net profit of EUR 46 mln down by around EUR 14 mln on H1 2017, while its profit excluding revaluation losses increased 49 pct to EUR 25 mln.

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