GTC’s yielding portfolio to grow by 400,000 sqm by 2020

Warsaw Stock Exchange-listed real estate investor and developer Globe Trade Centre (GTC) expects that development activity and planned acquisitions will make its income-generating CEE/SEE portfolio increase by approximately 400,000 sqm of GLA between 2017 and 2020. The company is currently developing five projects in the region, which will comprise a total of more than 174,000 sqm of leasable space. A further eight schemes with a combined 239,000 sqm of office and retail space are now at the planning stage. “The opening of Galeria Północna [in Warsaw] in Q3 2017 will more than double the value of GTC's income-producing retail portfolio. More completions in Budapest and Belgrade planned for 2018 will further strengthen our yielding retail and office portfolios and contribute significantly to rent income and NAV growth,” said GTC’s CEO Thomas Kurzmann. In the first half of 2017, GTC signed lease agreements for a total of 61,500 sqm of office and retail space bringing the occupancy rate across its portfolio to 94 percent. The company’s rental and service revenues increased to €58 million in the period, up from €55 million in H1 2016.