GTC S.A. completes the acquisition of shares in its CEE subsidiaries
On 21st December 2005 Globe Trade Centre S.A. completed the transaction with ADRI International B.V. (“ADRI”) according to the agreement signed by the parties on 10th October 2005.
Following the acquisition of ADRI shares in GTC’s subsidiaries in Hungary, Romania, Serbia and Croatia, and purchase of shares in GTC Romania from Firestorm in another transaction, Globe Trade Centre S.A. now holds approx. 97% in each of GTC Hungary, GTC Serbia and GTC Croatia, and 94.5% in GTC Romania.
GTC is expanding on the booming real estate markets of the region, as impressive pipeline projects are being completed and new projects are being acquired.
An increase of GTC’s holdings in CEE subsidiaries follows after a record quarter in the history of the Company. GTC achieved a consolidated net profit of USD37.7m and the milestone of USD1bn in total assets in 3Q 2005 .
By the end of 1Q 2006 GTC will complete office buildings in Warsaw (Topaz), Bucharest (America House) and Budapest (Centerpoint II), that will increase its cash-flow producing property portfolio by approx. 60,000 sqm. Additionally sale of Allianz building is scheduled to be completed in 4Q 2005.
