GTC purchased 90,000 sqm plot in Prague. Project includes 40,000 sqm NRA shopping centre and 80,000sqm NRA office complex. Total cost of investment amounts to approx. EURO265m
Globe Trade Centre S.A. (GTC S.A.), acting through its Czech subsidiary, together with its partners – RREEF (real estate fund managed by Deutsche Bank A.G.) and Scorpio (BS Group), acquired a unique 9 hectare site located next to Sazka Arena in Prague.
The land is located in District 9, next to the metro station, with an excellent exposure to the important city communication routes and access to public transportation.
Sazka Arena is a new sport and concert stadium that is one of the most impressive sport buildings in Europe, accommodating mass events.
The site has obtained a valid planning and zoning decision allowing to develop approx. 180,000 sqm of gross space.
The development will include a 40,000sqm GLA modern shopping centre as well as 80,000sqm NRA office complex developed in stages, and potentially a hotel.
The total cost of investment is estimated at approx. EUR265m. The start of construction is planned for Q4 2007.
GTC S.A. will develop this project through its associate company and will hold ultimately 29.7% interest in this venture.
The robust economic growth in Czech Republic resulted in increased demand for high quality retail centers and office space in Prague. The new project next to Sazka Arena will address that demand, creating a large commercial district in a popular destination for Prague residents.
The new development will add to the impressive property portfolio in Prague that GTC holds together with its partners.
Currently the Company develops two large residential projects – Prague Marina and Green City.
Within Prague Marina complex, GTC starts development of two office buildings, while already-completed 27,000 sqm Lighthouse office building is 90% leased.
In District 6 GTC owns an office-logistic centre that upon getting planning decision will be turned into luxurious residential complex with more than 400 apartments. In addition, GTC plans to develop waterfront residential property in the Vltava River ports of Liben and Smichov.
Total NRA (existing, in progress and pipeline) in Prague is app. 500,000 sqm on app 600,000 sqm land.