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GTC to tap cap hike funds to help finance FortyOne project in Belgrade
Sep 29, 2015 11:37 CEST by Djordje Daskalovic
BELGRADE (Serbia), September 29 (SeeNews) - Polish real estate developer GTC said on Tuesday it plans to use the proceeds from its new share issue to fund the development of its projects, including the FortyOne office building scheme in Belgrade.
Acquisitions and development projects will enable GTC to boost its real estate portfolio value and financial results, GTC said in a statement.
The Polish company said it had offered 108,906,190 series K shares at 5.47 Polish zloty ($0.265/0.2356 euro) apiece. The shares were almost 100% subscribed.
The company said that it has carefully selected a number of potential acquisition targets in the office and retail sectors that meet its investment criteria, located in Poland and capital cities in Central, Eastern and Southeast Europe.
In August, GTC told SeeNews it plans to launch the second phase of its FortyOne office building project in Belgrade in October this year. The completion of the second phase is planned for October 2016.
GTC added at the time it was planning to hold on official opening ceremony for the first phase of the FortyOne project - which will deliver to the market 10,300 sq m of office space - on October 1.
The Polish company was at the time in advanced talks with potential tenants for the office space that will be delivered with the second phase which has the same technical parameters as phase one.
GTC considers Serbia a fast-growing market with undersupplied office space with no new developments.
Headquartered in Poland, GTC group has been developing office, commercial and residential real estate projects in Central and Eastern Europe since 1994.
(1 euro=4.2445 Polish zloty)
GTC Serbian project now operational
SERBIA The first building of Belgrade’s FortyOne office complex has officially opened. Its developer, GTC, will start the second phase of the project in a few days. The company also plans new acquisitions in the CEE region.
The Warsaw-listed CEE and SEE commercial real estate developer GTC has officially opened the first building of the Forty One office complex in Belgrade. The 10,000 sqm building is currently 92 pct leased. The construction work on Forty One’s second phase is scheduled to start in a few days and be completed in Q3 2016. Ultimately, Forty One, which is located in the New Belgrade district, will comprise three office buildings. The project’s second phase, now 30 pct pre-leased, will provide almost 8,000 sqm of Class A LEED-certified office space. The complex’s tenants include such companies as Halkbank, Regus, Robert Bosch, Tetra Pak and Avon. The entire project will offer 290 underground parking spaces and 200 above-the-ground parking bays.
Apart from Forty One, GTC develops a few other projects in Belgrade. „We aim to start the construction of the 30,000 sqm gla Ada Mall shopping centre at the end of Q3 or at the start of Q4 2016,” Pedja Petronijevic, the managing director of GTC Serbia told ‘Eurobuild CEE’ at the opening ceremony.
GTC is currently also acquiring a new project for its portfolio. „We are now negotiating the purchase of two or three office buildings in Belgrade and Budapest. We are also searching for new opportunities in other cities of the region. For example, in Warsaw we are looking for an office project located in the city centre,” Thomas Kurtzmann, CEO of GTC, told ‘Eurobuild CEE’.