17:46 29 May 2023
GTC changes strategy, plans to invest in hospitality developments
Globe Trade Centre (GTC) is expanding its strategy to include investments and real estate projects in the hotel industry, particularly in the luxury hotel services market in Europe, according to a statement by GTC. Since 2006, GTC has owned a 126-hectare development plot in Istria, Croatia, intended for luxury hotel services. The company has entered the initial phase of project development, including design and the search for a hotel operator. GTC believes that adding properties from this segment to its portfolio will be beneficial due to the recovery and expected growth of the hotel industry in the coming years, as well as the resilience of hotel assets to economic slowdowns. GTC aims to attract a more diversified investor base with a more balanced portfolio. Currently, GTC manages a commercial real estate portfolio consisting of 43 commercial buildings offering approximately 740,000 square meters of office and retail space for rent in Poland, Hungary, Bucharest, Belgrade, Zagreb, and Sofia. Additionally, the group is developing 440,000 square meters of commercial space in Central and Eastern European capitals, with over 61,000 square meters currently under construction.
Source: PAP Business
