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

Well delivered operating performance and cash accumulation secures further growth

Q1 2019 FINANCIAL HIGHLIGHTS

  • In-place rent increased by 15% to €131m (114m as of 31 March 2018)
  • Gross margin from rental activity up by 10% to €30m (€27 in Q1 2018)
  • FFO I increased 16% to €18m (€15m in Q1 2018), FFO per share at €0.04
  • Operating profit: 12% increase in profit before tax and fair value adjustments to €18m (€16m in Q1 2018)
  • Profit after tax of €20m (€24m in Q1 2018), earnings per share of €0.04
  • EPRA NAV up by 2% to €1,192m as of 31 March 2019 (€1,170 as of 31 December 2018), EPRA NAV per share at €2.47 (PLN 10.62)
  • Solid financial metrics
    • LTV at 45% (45% as of 31 December 2018)
    • WAIR at historic low of 2.6% (2.7% as of 31 December 2018)

Q1 2019 PORTFOLIO HIGHLIGHTS

  • Occupancy up to 95% (94% as of 31 December 2018, 93% as of 31 March 2018)
    • The highest since end of 2009
    • 45,600 sq m of newly leased or released space (34% more than in Q1 2018)
  • Construction of 7 office and one retail properties (113,200 sq m) commenced in 2018 and will be completed in 2019-2020. One more project to commence in Q2 2019. Upon completion and stabilization they shall increase the in-place rent by almost €31m
  • Another 6 properties may commence construction during 2019-2020

While delivering operational and financial results according to plan, the most exciting events with significant impact on GTC’s performance are about to happen in the following quarters: opening of Ada Mall in Belgrade still this month and completion of four additional class A office buildings during summer and autumn will further boost our results. – commented Thomas Kurzmann, CEO. Strong demand for modern high class office space is the key driver for moving ahead with our new developments and preparing them for the start of construction process to secure further growth of the Company.  – added Thomas Kurzmann.

2019_Q1_GTC_Financial Results_Press release

2019_Q1_GTC_Wyniki finansowe_Informacja prasowa

 

Green-hearted Nordeus opens its studio in GTC’s newest office investment

  • The first new building of GTC Green Heart complex is officially opened
  • Nordeus moved into N2 building leasing 6,000 sq. m
  • Green Heart is a complex of five buildings providing 46,000 sq. m in total

Nordeus, independent mobile gaming company based in Belgrade, chose Green Heart to create their unique new studio. To accommodate a team of 170 people, the creator of competitive games leased 6,000 sq. m across seven floors with three additional underground levels for parking. On top of that, in line with the company’s growth strategy, Nordeus was granted a possibility to welcome another 80 new employees in Green Heart.

Green Heart is an office project located on the corner of Milutin Milanković Boulevard and Boulevard of Art, in New Belgrade, Serbia. It includes revitalization of two existing buildings (GTC Square) and construction of three new ones, creating the campus style office park. The whole complex will provide 46,000 sq. m and is aimed to function as a green oasis as it provides high-tech space embedded in a green eco-friendly environment.

The area leased by Nordeus was designed to create an innovative space, supporting creative freedom, productivity, and collaboration. To offer ideal conditions for the diverse talents from 22 countries, the building provides 52 offices, 18 meeting rooms, an auditorium for over 200 people, as well as additional areas dedicated to collaborative and creative work, such as brainstorming spaces on each floor, break-out rooms, audio and video production studios, a library, and study rooms. Additional facilities allowing to maintain a perfect balance between productive work and regenerating break include a large restaurant, sports bar, gaming room, and a wellness area with showers. On top of that, there is a separate play area for children and the building is fully wheelchair friendly.

“Completion of the refurbishment of the two buildings as well as development of another two newly designed buildings in Green Heart project was one of the key highlights of our development activity in 2018. Nordeus moving into one of the most modern office building in Belgrade will definitely be a milestone for GTC but also for Belgrade’s office market in 2019. We are very satisfied with this cooperation as our long-term goal is to invest in such projects – which inspire innovative and passionate companies to succeed. Thanks to the hard work of our team, each square meter of the building is at the moment tailored to suit individual needs of the tenant and we believe that our space will enable Nordeus to thrive and create games that can compete globally” – commented Pedja Petronijević, GTC’s Coutry Manager for Serbia.

The building is made up of large glass windows allowing the green courtyard to be enjoyed from each of the long terraces. The facility is distinguished by highly efficient and energy-saving solutions, including smart lighting and air conditioning in all office spaces that adjust to individual requirements. There are also solar panels installed on the roof delivering energy saving measures for the building. Additionally, each floor offers recycling points in accordance with the sustainable approach of Nordeus.

“When we started the Nordeus story in a small windowless office in Konjarnik nearly 10 years ago, the only thing we wanted was to make games with great people. When I entered our new home in Green Heart, I felt proud of all those great people because we achieved so much more than we initially planned. It is as if we closed a beautiful chapter and opened a new one, an even more exciting one” – commented Branko Milutinović, CEO of Nordeus.

The modern office park consists of two four-story and three seven-story buildings. Other companies to move to the Green Heart in the future mostly represent IT and pharmaceutical sectors and include Consulteer, ICL, Manpower, MTS, Nutanix, Servier, and Takeda.

GTC_Green Heart

Heart of Łódź now officially blooming with green office space

  • GTC’s University Business Park was granted BREEAM In-Use certificate for both buildings with “Excellent” ratings
  • The certificate was obtained in two categories: “Asset Performance” and “Building Management”
  • University Business Park comprises two A-class office buildings in Łódź

GTC now has its full share in making Łódź officially more ecological. University Business Park located in the very center of the city at Wólczańska Street received BREEAM In-Use certificate for its both buildings A and B. The complex was assessed in “Asset Performance” and “Building Management” categories obtaining rate at “Excellent” level.

University Business Park is an A-class office complex comprising two buildings. The close vicinity of Łódź Technical University, direct access to stops of numerous bus and tram lines, and proximity to Galeria Łódzka shopping mall make it a highly convenient location. What is more, the complex offers state-of-the-art sustainable design, along with flexibility and expansion opportunities for tenants within one office park as their business grows. It responds to the needs of the modern employees by giving them access to such additional amenities as a restaurant, café, newsagent, ATM, bicycle parking, carwash, as well as four convenient car entries, parking space for taxis and guests, and a separate delivery zone.

During the certification process, University Business Park reached the top of the scale when it comes to the usage of ecological construction materials, waste management system, as well as express and comfortable access to various means of transportation, reducing its general impact on the environment. It was also recognized for implementation of solutions aimed at taking care of health and comfort of tenants, examples of which are floor-to-ceiling windows – including openable ones – for excellent natural light access and air exchange parameters, individual temperature control, and provision of optimal humidity.

“Our overarching goal is to provide added value for our tenants, and we believe that a sustainable approach ticks all the right boxes in satisfying this ambition. The BREAM In-Use certificate confirms that University Business Park aims to increase the wellbeing of its users and is responsible in relation to the environment. It gives us now a full impetus and we will put forth our best efforts to see all of our assets in Poland certified” – commented Piotr Kroenke, GTC’s General Director.

Total leasable area of the complex amounts to 40,400 sq. m. Both buildings, each with a total leasable area of 20,200 sq. m, enjoyed the interest of prestigious tenants from the very beginning. At the moment it is one of the most significant spots on the business map of Łódź housing offices of such companies as Fujitsu Polska, Ericsson, Barry Callebaut, Accenture, Mobica, and UPS Global Business Services.

GTC_UBP_Lodz_small-2

Green-jewelled Korona Office Complex

    • All buildings in Korona Office Complex were granted BREEAM In-Use certificates with “Excellent” ratings
    • The buildings were assessed in two categories: “Asset Performance” and “Building Management”
    • Korona Office Complex comprises four A-class office buildings in Kraków

GTC’s Polish portfolio is getting greener as all four buildings of Korona Office Complex in Kraków were granted BREEAM In-Use certificates in “Asset Performance” and “Building Management” categories at “Excellent” levels. It is another step forward in fulfilling the developer’s ambition to gain ecological certificates for all its projects in Poland. Recently GTC’s Francuska Office Centre in Katowice was also awarded “Excellent” rate in the same two categories of BREEAM In-Use system.

Korona Office Complex comprises four office buildings – Galileo, Newton, Edison, and Pascal – in the very centre of Kraków. The buildings were constructed in 2003-2014 and currently serve as headquarters for several Polish and international companies from the IT, finance, BPO, consulting and other industries as State Street, Genpact, Hitachi Vantara. In 2017, the complex underwent a thorough modernisation of the interiors and areas around the buildings, which means that at the moment Korona is one of the most modern facilities on the map of Kraków. The total office space of the complex is approximately 36,800 sq. m GLA.

During the certification process Galileo, Newton, Edison, and Pascal were recognized, among others, for the highly efficient waste management systems, ecological materials used for their construction and solutions which take care for the health and well-being of tenants. The buildings were also highly rated for the public transport accessibility, parking for cyclists, and excellent route they provide to all city districts.

“As we said earlier this year, we would like to see all our Polish assets certified. The heavy modernisation of Korona Office Complex in terms of common space as well as green areas and amenities resulted not only in more comfortable working conditions for our tenants, but – what is equally important – in BREEAM In-Use “Excellent” certificates in “Asset Performance” and “Building Management” for Newton, Pascal, and Edison. On top of that, Galileo received an “Excellent” rating in “Asset Performance” too and “Very Good” in “Building Management”. We are very proud of that achievement and waiting for more buildings to be certified during 2019.” – commented Piotr Kroenke, GTC’s General Director.

Korona Office Complex offers class A office space with additional amenities for tenants, increasing their comfort and providing a recreational function (e.g. restaurants, gym, and a salt cave). Moreover, since the modernisation, there are also new elements of small architecture, such as an outdoor dining area and relaxation zone, bicycle parking, and greenery.

 

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