GTC with EUR 130 million of refinancing for Galeria Jurajska

  • GTC has refinanced Galeria Jurajska with a 5-year loan at attractive conditions. 
  • The asset maintains full occupancy and it is a focal point in its region. 

GTC signed a refinancing loan agreement for one of the largest assetin its portfolioGaleria Jurajska. Celebrating its 10th anniversary in 2019, Galeria Jurajska is one of the brightest points on Silesian retail map, offering over 200 stores, service points, restaurants and multi-screen cinema placed on 48,700 sq. m.  

Over 50 shops have recently prolonged their lease in Galeria Jurajska given their successful performance in the mall and its attractiveness among customers living in Silesia Province. The shopping center was granted BREEAM certificate at the “Excellent” level for the implementation of ecological solutions such as energy-saving lighting or an efficient air handling system. A number of banks have shown interest in refinancing the asset, and GTC management has selected the best offer. 

„The new loan will generate over EUR 40 million of free cash to GTC at attractive financial conditions. This high-quality investment continues to provide GTC with important Free Flow from Operations (FFO) alongside with substantial free cash from refinancing provided by leading banks in the region.” – said Erez Boniel, GTC’s CFO. 

fot. Galeria Jurajska (1)

World Bank as a new tenant of Advance Business Center II

  • The GTC Advance Business Center II is A-class office located in a vibrant business district in Sofia, Bulgaria
  • The facility will comprise ten office floors with a total area of 17,000 sq m.
  • Advance Business Center is due for deployment in Q4 of 2020.

GTC Bulgaria has signed an agreement with World Bank for lease of 4,000 sq m in Advance Business Center II office building, which is currently in the construction phase and due for delivery in Q4 2020. Advance Business Center II will consist of ten office floors with a total area of 17,000 sq m and three underground levels with 279 parking lots.

The new Advance Business Center II building will stand for high quality, cutting-edge architectural design, innovative engineering and exceptional property management in order to create an inspiring work environment that boost productivity, well-being and creativity. Once finished, it will be a high-end office development capable of addressing every requirement of its tenants.

Advance Business Center II will not only be an A-class building in a recognized business location with excellent transport accessibility, it will provide a place where World Bank employees can enjoy latest technological solutions, open green spaces and common areas, specially developed with tenants’ needs in mind. In addition, likewise Advance Business Center I, the project is LEED Gold pre-certified.” – commented Danny Bercovich, Country Head at GTC Bulgaria.

Advance Business Center II is the second GTC landmark office development set within Business Park Sofia. Besides being well-communicated by public transport and ring road to the center and all major entry-exit points of the city, the office complex is surrounded by a diversity of service and entertainment facilities, such as fitness center, cinema, beauty salon, Hotel Park Inn, cafes and supermarkets. On-site amenities such as impressive hi-tech lobby with stunning interior and LED video wall, food court area and cafeteria with dedicated outside seating areas and rich landscape garden between the buildings with water cascades and benches provide exceptional tenant experience. With LEED gold pre-certification, Advance Business Center II creates a truly world-class working and leisure environment.

ABC II_foto

GTC closes sale of Neptun Office Center

  • Sale of Neptun Office Center generates free cash after value creation via right acquisition strategy and professional asset management
  • This transaction proves effectiveness of our strategy set back in 2015

GTC completed the sale of Neptun Office Center. Neptun has been in GTC’s portfolio since 2016, when the developer acquired this property as a part of the portfolio from Hines. Far-sighted asset management strategy of GTC led to the full lease up of the building, extension of average lease terms and significant value improvement.

In 2016 we acquired the property with significant vacancy for an attractive price. Excellent in house property management and asset management expertise allowed us to reposition the building on the market and achieve full occupancy. This transaction released additional free cash to be reinvested but partly to be shared with our shareholders.”commented Thomas Kurzmann, the CEO of the GTC group.

Neptun is a Class A office building, located in Gdańsk Wrzeszcz, at Grunwaldzka Avenue – the main arterial route connecting the city center with Sopot and Gdynia. Introduced to the market in 2014 it was the first office tower in Tricity which have become an architectural icon, symbolizing the dynamic development of the metropolis. Neptun Office Center offers 16, 100 sq m of lettable state-of-art office space and provides 160 parking places. The building is within walking distance to the numerous bus lines stops, municipal trains and located direct at the railway station of Gdansk. Surrounded by retail and service facilities, such as Galeria Bałtycka, Galeria Metropolia, and Manhattan Gdańskie shopping malls, Neptun provides a balanced combination of work and leisure activities for its tenants.

CBRE and Avison Young were representing the Vendor and the Buyer respectively.

GTC’s Moderna brings back Katowice spirit

  • GTC received building permit for Moderna – its newest office development in the heart of Katowice.
  • The project will offer 18,315 sq. m of lettable office space over 5 floors and 354 underground parking places.
  • The building is designed to meet LEED Gold certification.

GTC – the leading developer in the CEE region – has just obtained a building permit for a new office project in Katowice. Once finished, the class A building will offer 18,315 sq. m of state-of-the art office space over 5 floors in the heart of Katowice. Designed by JEMS Architects, Moderna is a unique project, inspired by Katowice modernist architecture, based on functionality, minimalism and simplicity as well as openness to the surrounding city.

The new office building will organically fit into local community, blending with neighborhood and sharing its public spaces with city residents. We strongly believe that Moderna will become a fantastic addition on Katowice’s office map providing top quality working environment for new business operating in or entering Silesian agglomeration commented Grzegorz Boczek, GTC Poland Head of Office Leasing.

Moderna’s offer goes beyond modernist style and takes a step forward in accordance with the well-being philosophy. The office building will offer a harmonious combination of greenery with elements of architecture: high-quality materials, elegant lobby decor, open terraces and two green piazzas, wide communication corridors leading to modern conference rooms, a canteen and elevator halls. By emphasizing natural light in workspace, not only it creates ideal conditions for productivity, but also ensures tranquil working environment.

The GTC’s Moderna is a unique ‘city-forming’ project that completes the southern part of downtown, creating space for work and recreation, open to Katowice residents and guests. The office building will have a patio and provide convenient pedestrian communication to neighboring properties – new housing residence, park, church, historical downtown – everything will be smartly connected.

Furthermore, cutting-edge technological solutions will be applied to maximize tenant comfort and minimize building’s impact on the environment, – adds Grzegorz Boczek – Moderna is expected to receive LEED GOLD certification, proving it’s sustainable excellence”.

With 25 years of experience in developing high-class office projects, GTC focuses on well-being philosophy in the workplace and keeps investing in sustainable solutions to shape an exclusive offer. Moderna will be the highlight of architectural genius empowered by technology with human-centric approach in mind.

Moderna_Katowice

Successful leasing contributes to value and FFO growth

9M 2019 FINANCIAL HIGHLIGHTS

  • In-place rent increased to €144m; like-for-like in-place rent increased by €4.1m and new assets contributed €16.5m
  • Gross margin from rental activity up by 13% to €94m (€83 in 9M 2018)
  • FFO I increased 11% to €52m (€46m in 9M 2018), FFO per share at €0.11
  • Operating profit: 10% increase in profit before tax and fair value adjustments to €53m (€48m in 9M 2018)
  • Profit after tax of €63m in 9M 2019 (€69m in 9M 2018)
  • Earnings per share of €0.13 m in 9M 2019
  • Solid financial metrics
    • LTV at 44% (45% as of 31 December 2018)
    • WAIR at historic low of 2.6% (2.7% as of 31 December 2018)
  • Dividend of PLN 0.37/share paid; dividend yield of 4.3%
    • €38m distributed in the form of cash dividend
    • Issue of 2,018,126 Series N shares

Q3 2019 PORTFOLIO HIGHLIGHTS

  • High occupancy was maintained at 94% (94% as of 31 December 2018)
    • 123,600 sq m leased or released space in Q3 2019; 204,700 sq m in 9M 2019
  • Completion of two properties:
    • Green Heart N1, a 13,100 sq m Class A office building in Belgrade
    • Matrix A, a 10,800 sq m Class A office building in Sofia
  • Disposal of GTC White House, a 21,600 sq m Class A office building in Budapest
  • Commencement of construction and full lease up of Pillar, a 29,000 sq m Class A office building in Budapest
  • 4 office buildings under construction to bring €12.2m rent upon completion and stabilization.

 

“Our offer in completed and constantly upgraded buildings as well as our developments under construction meet strong and continues demand for office and retail space in all our countries of operation. We were ahead of market trends and created a perfect match in terms of quality, pricing and locations that appeals to high expectations tenants. Our strategy of bringing early enough the right modern and energy efficient buildings to CEE capitals like Budapest has been proven successful in terms of rental rates growth and yield compression. We believe more value creation in the CEE and SEE capitals is still ahead of us.” – commented Thomas Kurzmann, GTC’s CEO.

“We capitalize on perfect locations and high quality of new developments as well as great asset management and improved energy efficiency status of existing buildings, this will further contribute to value and FFO growth.” – added GTC’s CEO.

 

2019_9M_GTC_Financial Results_Press release

Office transaction of the year: GTC Pillar to house ExxonMobil

  • The GTC Pillar is A-class office building just off the popular Váci Office Corridor in Budapest that will comprise 29,000 sq. m of lettable space.
  • The facility is nearly 95% leased, while still under construction, which is a remarkable result on the Hungarian market.
  • The GTC Pillar office building is due for deployment in early Q1 2022.

GTC and ExxonMobil’s Global Business Services Center have signed a lease contract, agreeing to occupy the entire GTC Pillar Office building in Budapest, which is currently under construction and due for delivery early Q1 2022. This is the largest deal in an office building under construction in the history of Hungarian office transactions.

The new Pillar building will stand for high quality, sustainable technologies and high-precision project management when completed, perfectly fitting into GTC portfolio. ExxonMobil, being the sole tenant to occupy the building in the future, was involved in both the design and construction phases. Regular consultations between the parties ensure that Pillar is tailored to the tenant’s needs, ranging from environmentally conscious green solutions to electric vehicle charging facilities, restaurants, planned in-house day care facilities for children, and other recreation services. As the project is still in the construction phase, the deal proves GTC’s ability to consistently and reliably deliver high quality in a way that meets the most diverse needs of its customers to the maximum extent possible.

Pillar will not only be an office building developed by the latest technology but also a place where people working for ExxonMobil will enjoy the time spent within the office, common areas, garden, restaurant, coffee shop and the gym. I am so happy I can be part of this amazing project with ExxonMobil. Signing the lease agreement is only a mid-station of the GTC ExxonMobil journey, that started 17 years ago”, says Bori Gedai, Deputy Country Manager of GTC Hungary.

The lease agreement with GTC for a new Pillar building became a continuation of ExxonMobil’s 15-year anniversary celebration. ”With Pillar we will provide a modern, state of art work environment for our employees, encouraging collaboration and innovation from where we will be Powering ExxonMobil’s Global Business. I am looking forward to the next steps of this exciting project and continued great collaboration between the GTC, CBRE and ExxonMobil teams”, says Romke Noordhuis, Managing Director of ExxonMobil GBC Hungary.
Pillar is a 29,000 sq. m landmark office development set within the heart of Budapest, just off the popular Váci Office Corridor. Behind the pillars of commercial enterprise this high-class complex provides a garden of tranquility for all. With LEED gold pre-certification, Pillar sets a new standard for the modern office space.

GTC puts special emphasis on facilitating the emergence of new communities on its developments. Building along these principles in design, simple buildings turn into spaces where health and productivity are priorities and the community inhabiting the space plays an outstanding role. One of the Pillar features to underline this effort is the portico of the high-class complex leading to an oasis inside the building, designed by award-winning architects ZDA-Zoboki Építésziroda Kft.

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Development contributes to FFO upswing

H1 2019 FINANCIAL HIGHLIGHTS

  • In-place rent increased 14% to €142m (€125m as of 30 June 2018)
  • Gross margin from rental activity up by 13% to €61m (€54 in H1 2018)
  • FFO I increased 28% to €37m (€29m in H1 2018), FFO per share at €0.08
  • Operating profit: 17% increase in profit before tax and fair value adjustments to €37m (€32m in H1 2018)
  • Profit after tax of €43m (€46m in H1 2018), earnings per share of €0.09
  • EPRA NAV up by 1% to €1,179m (after dividend) as of 30 June 2019 (€1,170 as of 31 December 2018),
    EPRA NAV per share at €2.44 (PLN 10.37)
  • Solid financial metrics
    • LTV at 46% (45% as of 31 December 2018)
    • WAIR at historic low of 2.6% (2.7% as of 31 December 2018)
  • Dividend of PLN 0.37/share paid; dividend yield of 4.3%
    • €38m distributed in the form of cash dividend
    • Issue of 2,018,126 Series N shares

H1 2019 PORTFOLIO HIGHLIGHTS

  • High occupancy at 94% (93% as of 30 June 2018)
    • 81,100 sq m of newly leased or released space
  • Completion of three properties:
    • Ada Mall, a 34,200 sq m shopping mall in Belgrade
    • Green Heart N2, a 6,100 sq m office building in Belgrade
    • ABC I, a 15,800 sq m office building in Sofia
  • Commencement of construction of Pillar, a 29,000 sq m office building in Budapest
  • 6 office properties under construction. Upon completion and stabilization, they shall increase the in-place rent by almost €16.7m

“Robust development activity was the driving force for our growth in the first half of 2019. The delivery of Ada Mall with 34,200 sq. m GLA prime retail in Belgrade was the pinnacle of the discussed period. Completions of office buildings combined with very high occupancy contributed to 28% increase in FFO and improved operating results.” – commented Thomas Kurzmann, GTC’s CEO.

“With 86,600 sq. m GLA of office space under construction, and 23,800 sq. m GLA to be delivered this year, GTC’s growth is set to continue” – added GTC’s CEO.

2019_H1_GTC_Financial Results_Press release

Galeria Jurajska proves its ecological excellence

  • GTC’s Galeria Jurajska was granted BREEAM certificate at the “Excellent” level
  • The shopping mall is a landmark retail project in the Częstochowa’s region comprising 48,700 sq. m
  • The facility is nearly 100% leased, which is a rare result on the Silesian market
  • Galeria Jurajska continues to record growing turnover – 7% on average in H1 2019

Galeria Jurajska is a key asset in GTC’s international portfolio. Thanks to the growing turnover and rising footfall, the first half of 2019 marked one of the most successful periods in the 10-year history of the mall standing at the banks of the Warta river. The facility confirms also its ecological fitness as it obtained BREEAM In-Use certificate at “Excellent” level in both “Asset Performance” and “Building Management” categories.

Despite the Sunday trade ban, Galeria Jurajska outperforms the market. First six months of this year brought a constant streak of success. June ended with a record of 10% increase in turnover and the mall was visited by 3,4 million people from January to June. The shopping center can boast of a large group of loyal clients, who are so attached to its offers that they visit it several times a month. Moreover, Częstochowa’s landmark building is continually increasing its range and acquires new customers – even those living outside of Silesia Province.

What makes Jurajska thrive is, on the one hand, more and more attractive retail offer with as many as 200 stores in the mall today. Most importantly, however, it is also a result of the development of entertainment and gastronomic zones. The last 3 years have brought a true investment boom, comprising enlargement of “Bajkowy Labirynt” entertainment center for kids, multiple new restaurants, relaxation zones with three aquariums, and the opening of “Bulwary Jurajskie” – the city garden at the Warta’s boulevard with walking avenues, playgrounds, beach volleyball courts, and a fountain.

On top of that, the investments included eco-modernization of the mall – making it more environment-friendly and eventually earning Galeria Jurajska the BREEAM In-Use certificate. The experts carrying out the assessment appreciated among others the reduced energy consumption achieved through the installation of energy-saving lighting and efficient air handling systems.

It is our eighth building in Poland certified in the BREEAM system this year and one that makes us especially proud. Ecology has become such a broad, comprehensive area today – it is not only about sustainable technology and materials, but also about creating a place that is friendly and good for the wellbeing of our visitors. We seek to live up to the nowadays standards and that is why we took on a holistic approach working hard to make Jurajska offer much more than just a shopping experience. It is now a meeting place, satisfying various consumer’s needs” – commented Roman Bugajczyk, Head of Retail at GTC.

Galeria Jurajska attracts many prestigious tenants and only at the beginning of the second quarter of 2019, as many as 14 brands decided to extend their expiring lease agreements. The mall houses stores of such brands as among others LPP Group (Reserved, Cropp, Home & You, House, Mohito, Sinsay), Inditex group (Zara, Bershka, Stradivarius, Massimo Dutti), TK Maxx, C&A, RTV Euro AGD, Intersport, Empik, H&M, New Yorker, Smyk , Rossmann, Sephora, Super Pharm, Biedronka, Douglas, Carry, TruTrussardi, Apart and many more.

Despite ecological certificate, Galeria Jurajska is also recognized by the industry as it got the final of the prestigious ICSC Solal Marketing Awards, awarded annually by the International Council of Shopping Centers (ICSC). The shopping center was nominated for the grand opening of the “Bulwary Jurajskie” in 2018.

04_6480

GTC’s Pillar has broken ground in Budapest

  • Pillar is GTC’s latest, highly visible landmark development located in the most popular business district of Budapest
  • It will consist of modern flexible office space totalling up to 29,000 sq. m spread over 7 floor

GTC is gearing up in Budapest by commencing construction of Pillar office project located in the Budapest’s 13th District, which is rapidly becoming the new business quarter of the capital. Recently, GTC celebrated the completion of their LEED Platinum certified GTC White House office building located also in Váci Ut corridor, fully leased to BlackRock, Range Rover Jaguar, and Spaces. To further expand its strong position in the Budapest office market, GTC acquired one more land plot adjacent to GTC’s Center Point to increase the development pipeline to over 100,000 sq. m of office space.

Pillar will offer 29,000 sq. m state-of-the-art office space over 7 floors. It is situated in a highly visible landmark location in the Budapest’s 13th District, which is rapidly becoming the new business quarter of the capital. This new office building will offer cafe bars, restaurants, co-working spaces, post office, playroom, relaxing garden, bike facilities, shopping experience, conference centre and many more features for the future tenants, creating real value in the Hungarian real estate market.

“We see continuous strong demand for modern office space in Budapest and we are very proud that before the GTC White House’s first anniversary of its opening it is fully leased!  This lets us forecast great success for the new project Pillar in the future and we cannot wait to see how the construction of this amazing project progresses” – commented Thomas Kurzmann, GTC’s CEO.

The recent full lease of GTC White House was one of the key achievements of the developer in the first quarter of this year. The office building was built on the site of a former elevator factory on the Váci Road office corridor.  It has a total leasable area of 21,500 sq. m including a 2,000 sq. m entirely re­furbished standalone loft building and 19,500 sq. m of new premium quality offices. GTC White House has achieved the LEED Platinum certification in recognition of its environmentally friendly and sustainable technical solutions.

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GTC’s green oasis is in full bloom on the shore of Ada lake

  • The first GTC shopping centre in Serbia has been opened
  • Ada Mall offers over 34,400 sq. m of state-of-the-art retail space
  • The construction of Ada Mall started in March 2017

GTC Serbia, a subsidiary of Globe Trade Centre SA (GTC) the leading developer in Central and Eastern Europe, opened Ada Mall – its first shopping center in Belgrade, Serbia. It is the only latest-generation shopping center in the Serbian capital and covers an area of over 34,000 sq. m. This extraordinary shopping mall was designed to provide its visitors with a unique Belgradian shopping experience.

GTC started construction of Ada Mall in March 2017 on Radnička street in Belgrade, opposite Ada Ciganlija – a popular recreational area. Ada Mall is not a traditional mall of rectangular box-like shape. It is a genuine green oasis in accordance with the environment, particularly with Ada Lake, following the configuration of the terrain and has a lot of lush vegetation.

Ada Mall will be a host for a number of prestigious global brands, many of which will be found for the first time in Belgrade. Boutiques are placed on the first three of five floors, other two feature bars, restaurants, and additional multi-purpose facilities. The shopping center has three levels of underground parking with about 1,000 parking spaces connected into one unit.

GTC’s debut in this sector in Serbia coincides with the period of fantastic economic circumstances. The Serbian retail market continues a positive trend as strong consumption momentum owes to real wage growth (mid-single digits) and positive labor market developments.

Before Ada Mall was completed, I knew that for GTC this will be one of the most important investments ever. Today when we can already see the product of our hard work, it is obvious that this project changes the city’s landscape and fits into it perfectly. Finally we can say it out loud – with the launch of the outstanding Ada Mall, GTC now officially inaugurates a new era on the Serbian retail market” – commented Thomas Kurzman, GTC’s CEO.

Inspired by the natural surroundings such as the river and the lake, Ada Mall brings a large number of various plants, natural materials and a unique design that will provide plenty of natural light for those who will enjoy its enclosed area as well as three magnificent terraces offering unforgettable views of Ada Ciganlija. In addition, Ada Mall also contributes to the highest standards of green construction as well as meeting the highest energy standards.

“We put great effort into creating a retail and leisure destination that is different – in line with the demand of the modern shopper who is not only looking for the latest fashion but also to enjoy their time whilst doing so. I am convinced that with the wide malls, plenty of natural light and green terraces offering amazing views, we have achieved this. The fact that we were able to attract numerous new brands such as The Body Shop, Kiehl’s, Mohito and others to Belgrade for the first time further support this” – commented Pedja Petronijević, Managing Director of GTC Serbia.

GTC invests actively in the shopping center sector in the region. Currently, GTC owns and successfully manages five uniquely positioned shopping malls offering over 215,000 sq. m. of retail space in Poland and capital cities of the CEE region.

GTC_Ada Mall