GTC touts strong 2016 operating performance

Warsaw Stock Exchange-listed developer Globe Trade Centre (GTC) saw its rental and service revenues increase from €105 million in 2015 to €114 million last year, while the company’s net profit grew from €44 million to €160 million over the period. The value of the developer’s income-generating portfolio rose by 20 percent to €1.261 billion in 2016. At the end of last year, the occupancy rate across the GTC portfolio stood at 94 percent. “GTC delivered solid results in 2016, several value accretive acquisitions and completions of office projects contributed significantly to NAV and NOI growth. We will deliver a strong performance over the next years to come as our income-generating portfolio will expand and boost rent income through further accretive acquisitions and completions of development projects,” said CEO Thomas Kurzmann. He added that over 139,000 sqm of GLA under construction and an additional 181,000 sqm of space at the planning stage, supported by a strong cash position, are the ingredients of a substantial NAV growth to come. “Thanks to the growth achieved in 2016, the board recommended dividend distribution from 2016 profits of PLN 0.27 per share,” commented GTC’s CFO Erez Boniel.

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