GTC has agreed the terms of development for a luxurious residential project, together with a golf course and a five-star hotel, on a 130 hectare waterfront site on the coast of Croatia.
Globe Trade Centre S.A. (GTC), through GTC Croatia – its 97% – owned subsidiary – has agreed the terms of entering into a partnership that will develop aluxurious residential complex together with a 18-hole golf course and a five-star hotel on the Croatian coastline.
GTC Croatia will hold 75% in the development, partners that initiated the venture and existing shareholders will hold the remaining 25%.
The 130-hectare site is located in the northern part of Croatia. The unique waterfront location, next to a professional golf course facility and a luxury hotel, will offer one the most prestigious residential properties in the booming real estate market on the coast of Croatia.
The total residential space to be developed will be 23,000 sqm in total, ranging from 100 sqm apartments to 550 sqm villas.
The project is planned to be developed over the next three years. Total development cost of the project is estimated at EUR80m.
In parallel, in Zagreb, GTC Croatia is developing Avenue Mall – a modern shopping centre (26,000sqm NRA) together with an office tower (7,000sqm NRA). Retail space in Avenue Mall, which is scheduled to open for March 2007, is already 70% leased.
Globe Trade Centre S.A. (GTC) is to purchase an A-class office building in Chisinau – the capital city of Moldova.
In Budapest GTC has agreed the terms of acquisition of 90,000 sq.m office and retail project.
GTC Moldova – a 95% subsidiary of GTC, has agreed the terms of purchase of an A-class office building that is in advanced stage of construction, located in thecentre of Chisinau. The price to be paid for the building amounts to EUR10m , while the total development cost is estimated at EUR12.5m. The building will comprise approx. 8,300 sq.m of gross office space and 3,500sq.m of gross retail space.
GTC Moldova will hold 51% in the venture that will develop the building. The building is planned to open in Q2 2007.
Moldova is the ninth country where GTC is developing real estate projects. The country is progressing at a fast rate from relatively small economic base – 2005 GDP growth is estimated at 7%.
In Hungary GTC is accelerating its activity in the Budapest office sector. GTC Hungary – a 97.5% subsidiary of GTC has signed the Memorandum of Understanding with vendors for the purchase of two plots totaling 22,700 sq.m. in Budapest, known as the Gateway Project. The price agreed for the plots amounts to approx.EUR7.3 million.
The plots are located in a prominent site in the rapidly developing commercial area of District XI near the access roads to the newly planned Danube River bridge and the M6/M0 motorways. GTC plans to develop the site into office and retail space. The site may be built in phases and the building rights will allow up to 90,000 sqm of gross built area.
In parallel, the company is presently about to start construction of the first phase of a new office project “Spiral” (over 60,000sqm gross area) and the residential complex “Riverloft”, both in the XIII District of Budapest and has just completed the 2nd phase of the Center Point office building. The two phases of Center Point comprise 46,000sqm of class A office space, with Exxon Mobil as the main anchor tenant. In district XI GTC is developing Bluebird Gardens – a residential project with 110,000 sqm gross space.
Globe Trade Centre S.A. (GTC) starts its second office project in Bulgaria. The company agreed the terms of acquisition of 4500 sqm plot of land in Sofia.
GTC Bulgaria – 95% subsidiary of Globe Trade Centre S.A. agreed the terms of acquisition of a land plot in Bulgaria’s capital for EUR1.55m and intends to develop at least 7,000 sqm of gross office space on the site. The plot is located on the way from the city centre to the international airport, close to the main office of Oracle and close the French School.
The land is to be purchased together with a partner, while GTC will hold 51% in the joint venture.
The construction of the building is going to start in Q2 2007 and the completion is expected in mid 2008.
Prior to this new acquisition GTC purchased a 3800 sqm site close to American Embassy in Sofia. The construction of the 12,000 sqm office building with some retail elements is going to start in the Q1 2007.
“With the prospects for Romania and Bulgaria to join European Union in 2007, real estate markets there look very attractive. Latest acquisitions in Bulgaria are part of GTC’s strategy of accelerated expansion in those countries in order to maximize our profits from EU convergence” – said Hagai Harel, GTC Member of the Management Board responsible for CEE investments.
Bulgaria is the eight country where GTC develops real estate projects, while further plans include investments in Ukraine. In April 2006 in SEE Real Estate Quality Awards GTC was voted SEE Developer of the Year 2005 title in recognition of its expansion in South & Eastern Europe.