GTC to expand and invest EUR 500 million by 2008

Over these years GTC will spend at least EUR 500 million on investments and enter three new countries. In 2005 the company invested about EUR 100 million. "We do not intend to slow down, on the contrary, we plan to speed up our expansion," said Eli Alroy, head of GTC supervisory board, adding that "The investments we want to make by the end of 2008 will total to at least EUR 500 million." GTC is currently present in five European countries: the Czech Republic, Romania, Hungary, Croatia and Serbia. "We are currently considering entering Bulgaria, Slovakia and Ukraine," said Alroy. GTC is counting on considerable profits from the Romanian market as that is the second largest country in that region. Romania will soon enter the EU, which should cause an increase in real estate prices. 2006 will surely be favorable for GTC as the developer is about to finalize two office building projects, Topaz in Warsaw and America House in Bucharest. (Parkiet, p. 3; Puls Biznesu, p. 11) D.W.