Polish developer GTC debuts on African JSE

Real estate developer Globe Trade Centre (GTC) has announced that it debuted on the largest African market of the Johannesburg Stock Exchange (JSE) on August 18, becoming the first Polish inward listed company on the JSE. The capitalization amounted to €3.4 billion. GTC portfolio is valued at €1.3 billion as of December 31, 2015 and generates approximately €84 million in annual net operating income. "Our listing on the JSE is a step in enabling our strategy to significantly increase our portfolio to over €2-billion, within 36 months, through value-enhancing acquisitions, development activities and asset-value improvements," CEO Thomas Kurzmann proclaimed. GTC is the owner and developer of primarily Class A office and retail properties located in Poland and capital cities throughout the CEE and SEE regions.