• EUR 80 m loan will refinance the City Gate office building in Bucharest
• The building has attracted prominent tenants and is currently nearly fully leased
GTC Romania, a subsidiary of Globe Trade Centre S.A. (GTC), together with its partner Blue House has finalised a EUR 80m refinancing loan agreement with a consortium of banks including Alpha Bank Group, Bank of Cyprus and Eurobank EFG Group.
“This is the largest real estate refinancing transaction concluded in Romania this year” – said Hagai Harel, International Development Manager at GTC. “It is also one of the first major commercial real estate loans in Romania since the beginning of the financial crisis. Such an outstanding achievement is a result of joint efforts of GTC team and our partners from Blue House”
City Gate is one of the best performing office projects in the Romanian capital. The building, a joint development by GTC (59%) and Blue House Capital (41%), has a total rental space of 46,000 sq m and is located in the most prestigious business district of Bucharest. The complex includes retail space on the ground floor, two eighteen-storey towers, and a three-level underground garage providing more than 1,000 parking spaces. Both towers of the complex are nearly 90% leased. Some of the most prominent tenants are: Microsoft, Millennium Bank, Romtelecom, Hoffmann – La Roche, Rompetrol, and Autoitalia.
According to Eli Alroy, Chairman of GTC’s Supervisory Board, “City Gate is a landmark office development in Bucharest. I believe that it is the best office property in Romania today.”
City Gate won two CEE Real Estate Quality Awards in 2009. The project was honoured both as the best office complex (CEE Real Estate Office Development of the Year) and as the top construction project overall (CEE Real Estate Building of the Year).
GLOBE TRADE CENTRE S.A. (GTC S.A.) is one of the leading developers in the New Europe and was established in 1994 in Warsaw. Currently it operates in Poland, Hungary, the Czech Republic, Romania, Serbia, Croatia, Slovakia, Bulgaria, Russia and Ukraine.
GTC develops projects and manages completed properties in three key sectors of real estate: office buildings and parks, retail and entertainment centers and residential sector.
GTC has developed about 800 000 sqm of net space and currently is the owner of completed commercial property with a combined net area of about 515 000 sqm. GTC also holds an impressive portfolio of investment at various stages of development which will facilitate the construction of 1.8 million sqm of commercial and residential space. GTC’s total assets exceed EUR 2.6 billion.
GTC’s shares are listed on the Warsaw Stock Exchange on the prestigious WIG20 index. The company’s assets are also included in the international MSCI index and Dow Jones STOXX Eastern Europe 300 index, as well as the GPR250 index which comprises the 250 biggest and most liquid real estate companies of the world. Among GTC’s shareholders are many of the biggest Polish and international institutional investors.