GTC Hungary – a subsidiary of Globe Trade Centre S.A. has acquired Spiral Commercial Centre, the owner of a 14,000 sqm plot of land in a prime location in Budapest, for approx. 11 million euro.

The site is situated in a prime location in Budapest’s District XIII. Its proximity to the city centre and easy access to important public and commercial facilities, as well as to public transportation, give Spiral Project an attractive commercial location.

On the site acquired GTC plans to develop a multi-phase project which will include 4-5 office buildings. Current plans provide for the construction of B+/A- class office space, combined with retail and service units on the ground floor, underground parking space for 440 cars and a multi-storey car park for 290 vehicles. In total, the investment will offer more than 53,000 sqm of gross office and commercial space. Construction of the first building should start in mid-2006.

GTC Hungary will finance 60% of the acquisition through a bank loan from the Hungarian Foreign Trade Bank.

Completion of the Spiral Project, together with existing office buildings – Center Point I (18,600 sqm net) and Center Point II (23,000 sqm net) – will give GTC Hungary more than 80,000 sqm net of net rentable space in total.
In addition to these investments, GTC Hungary is developing a residential project in Budapest called Riverloft Apartments, where 60% of the units have already been sold, and also the Bird Hill residential estate in District XI.

Globe Trade Centre S.A. owns 97.48% of GTC Hungary’s share capital.

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