New appointments in GTC Poland: Commercial and Development Directors

GTC Poland continues to expand its expert personnel and strengthens the business development department. Maciej K. Król joined the company as Commercial Director, while Yacine Diallo was appointed as Development Director. Their profound knowledge of real estate markets in Poland and CEE will strengthen GTC’s market performance and help the company realize the business growth strategy according to the best-in-class ESG practices.

Maciej K. Król can boast over 20 years of experience IT, corporate marketing and investment consulting on the real estate market, optimization of business processes and restructuring. During his career, Maciej K. Król was a partner and managing director of a Polish branch of international real estate consultants – GVA Worldwide, and a board member of two foreign real estate market investment funds, responsible for portfolio restructuring and financing. Before joining GTC, he served as Managing Director in Business Link, being part of Skanska Group. He is a member of the Royal Institution of Chartered Surveyors (RICS) and the Urban Land Institute (ULI). As a new Commercial Director at GTC Poland, Maciej K. will be responsible for the coordination and implementation of business strategy, product development and service standardization, as well as supporting asset management, leasing and project management teams.

Yacine Diallo is a graduate of the Warsaw University of Technology and a member of the Chamber of Architects in Poland. Previously he has served as a member of the Management Board and the Head of the Development Department in HB Reavis Poland, and the Head of the Technical Department in Globalworth Poland. Throughout 20 years of professional experience in construction and development markets in Poland and CEE, Yacine managed to successfully lead multiple commercial estate projects. With a background in architecture, he also worked on prestigious residential and commercial projects in London and Warsaw. In his new role of Development Director, Yacine will be responsible for managing the valuation, technical due diligence for land and asset acquisition as well as development and construction activities for GTC’s portfolio in Poland.

“We are happy to welcome two experts with such impressive experience record on board. I am hopeful that with Yacine and Maciej K. leading our Development and Commercial departments, our office portfolio in Poland will grow and our business will further develop in this dynamic market according to the best-in-class ESG practices. I’m sure the deep sector knowledge and diverse experience both in portfolio development and commercialization, our new directors have brought to our team will translate into the great business outcomes, development of our market share in Poland, the new quality of our properties, with focus on sustainability and tenant well-being” – commented Grzegorz Strutyński, Country Manager at GTC Poland.

GTC pays particular attention to the development of sustainable and futureproof buildings in Poland. This approach goes hand-in hand with business development, as both tenants and investors are looking forward to pursuing environmentally responsible properties. Care for the tenant’s well-being and adjusting to the highest ESG standards is manifested at all stages of property development – from choosing a location for new investment, through design and construction, to the asset management and creating service offer of a completed building. The company has gained its reputation in Poland for high-quality buildings by maintaining premium quality of tenant offer, capitalizing on timeless architecture and improving the offices with modern sustainable solutions, constantly revitalizing work and outdoor premises with elements that increase tenants’ wellbeing. With new directors on board, GTC hopes to continue with ESG-driven strategy while bringing its business development to the next level of efficiency.

Since 2021 all GTC’s Polish offices are powered by green energy and have environmental certificates, proving their ecological excellence. More information about GTC’s sustainable construction and portfolio development can be found in the Group’s 2020 ESG report at www.esg.gtc.com.pl/en.

Yacine Diallo, Development Director at GTC Poland
Maciej K. Król, Commercial Director at GTC Poland

Sustainability for the win: GTC with the silver award from EPRA

GTC received the Silver Award in EPRA Sustainability Best Practices Recommendations Awards. Such recognition on first-ever participation in the contest proves high standards of environmental, social and governance reporting practices implemented by the Group on the CEE scale.

GTC has successfully debuted in the EPRA sustainability best practices award and achieved silver level compliance with EPRA Sustainability Best Practices Recommendations, scoring high (between 70% & 85%) adherence to the sBPR score. This company became the only real estate developer from Poland to be recognized for the best-in-class sustainability annual performance report. The jury highly estimated practices the Group presented in the detailed ESG report, such as diversity & inclusion, health & safety policies, as well as a comprehensive set of applied environmental solutions, including water and electricity saving practices, in the already existing and planned GTC across all Group countries.

“We are thrilled to be so highly estimated for the sustainable principles we live by as a Group and as a real estate developer, especially given the fact that it’s our first time running for EPRA award. Our industry is constantly evolving and sensitive to the changes going on in the world, such as global challenges of the pandemic or climate crisis. With the silver award for our sustainability reporting practices from EPRA, it is good to know we are on the right track with the transparent communication of the pro-environmental and tenant-centric solutions we are implementing across our diverse CEE markets to create sustainable properties with the well-being of our immediate communities in mind” – commented Yovav Carmi, GTC’s CEO.

GTC pays particular attention to the development of sustainable buildings across 6 diverse markets in CEE. Care for the tenant’s well-being and adjusting to the highest ESG standards is manifested at all stages of property development – from choosing a location for new investment, through design and construction, to the asset management and creating service offer of a completed building. The company has gained its reputation in CEE for high-quality buildings by maintaining premium quality of tenant offer, capitalizing on timeless architecture, and improving the offices with modern sustainable solutions, constantly revitalizing work and outdoor premises with elements that increase tenants’ wellbeing (for example, cycling paths).

Since 2021 as many as 84% of the Group’s portfolio has environmental certificates, proving their ecological excellence. More information about GTC’s sustainable construction and pro-environmental policies can be found in the Group’s 2020 ESG report at www.esg.gtc.com.pl/en.

GTC Hungary appoints Ede Gulyás as Country Head Deputy

Globe Trade Centre has promoted Ede Gulyás to the position of Country Head Deputy, as of August 1, GTC announced.  In his role, Ede will be responsible for all GTC’s operations in Hungary. His extensive experience in leasing and asset management, as well as in-depth knowledge of real estate, will help steer the company’s growth in the local market. GTC invested EUR 264 million in Hungary, in the first six months of 2021.

GTC’s new local executive, Ede Gulyás has been active in the real estate sector for 20 years, serving 10 years as the head of multiple real-estate investment companies with class ‘A’ office-and retail buildings.

Prior to joining GTC in 2021, Ede Gulyás was leading CA Immo Hungary Kft. as a Managing Director, where he oversaw the company’s successful merger with Europolis. Previously, he oversaw a more than 500-million-Euro commercial real-estate portfolio of more than 10 A-class office buildings, as well as retail and industrial properties with approx. 200 tenants.

Throughout his career, Ede developed skills and knowledge that cover a wide field of real estate management, including asset-, property-, portfolio, and transaction- management, and high-volume transactions and acquisitions.

“Ede Gulyás’ promotion is a recognition of his outstanding management skills and in-depth sector knowledge: with a thorough insight into our properties and the portfolio development strategy, Ede will strengthen our operations in Hungary and help us grow as a Group” – said Yovav Carmi, CEO and President of the GTC Management Board.

Commenting on his appointment, Ede Gulyás said: “My expertise in real estate management will help adjust and implement GTC Hungary’s local strategy including managing standing investments with a focus on occupancy and rental income improvement as well as acquiring and developing future-proof sustainable properties”.

Ede holds of an MBA in Business and Managerial Economics from Budapest’s University of Technology and Economics and a master’s degree from the University of Debrecen.

Besides his native Hungarian, he is fluent in English and German.

GTC in Hungary

GTC pays particular attention to the Hungarian real estate market and strives to implement best ESG practices in terms of office development, investor relations, long-term relationship building with its A-class tenants, and improving the quality of life of immediate communities in Budapest.

In 2020 the Group issued 110-million-euro worth HUF-denominated green bonds, further demonstrating its commitment to sustainability and financial innovation, recognized with investment grade rating BBB- by Scope Ratings.

Caring for the environmental impact of its buildings in Budapest, GTC aims to achieve the 100% green certification of new and existing properties. This year the developer has added to its Hungarian office portfolio two LEED ‘Gold’ buildings: the Ericsson and Siemens Evosoft Headquarters. Currently, GTC’s office portfolio in Budapest also includes Duna Tower, Váci Greens D, Center Point I and II, GTC Metro, Forest Offices, Váci 188 Office Building, and Hegyvidék Shopping Mall and Office Building. The company is also developing the 29,000 sqm Pillar building in the city, which upon completion (scheduled for 2022) will become the country headquarters of ExxonMobil.

Strong earnings, transformation to unsecured debt and EUR 300m investment

H1 2021 FINANCIAL HIGHLIGHTS

  • Gross margin from rental activity at €59m in H1 2021 (€59m in H1 2020)
  • Adjusted EBITDA at €52m in H1 2021 (€52m in H1 2020)
  • FFO at €31m (€33m in H1 2020), FFO per share at €0.06
  • EPRA NAV at €1,126m as of 30 June 2021, EPRA NAV per share at €2.32 (PLN 10.49)
  • Strong liquidity position with cash and cash equivalents at €246m as of 30 June 2021
  • Investment of €268m into acquisition of income generating assets and landbank for future development
  • Occupancy at 91% (91% as of 31 December 2020)

TRANSITIONING FROM SECURED TO PREDOMINANTLY UNSECURED DEBT

  • Two rating agencies assigned a corporate family rating (“CFR”) to GTC:
    • Fitch Ratings (“Fitch”) – BBB- with stable outlook
    • Moody’s Investors Service (“Moody’s”) – Ba1 with positive outlook
  • Issue of €500m of green Eurobonds in June 2021 (2.8x oversubscribed with a peak order book in excess of €1.4bn.)
  • €369.1m of secured project loans refinanced
  • €82m of secured project loans under the refinancing process
  • Unsecured debt at 48%
  • Unencumbered properties up to 35% (9% as of 31 December 2020)
  • WAIR at historical low of 2.18%¹ (2.3% as of 31 December 2020)

¹ Excludes loans related to assets held for sale

“During the first half of the year, we concentrated on the reshuffling of our portfolio. We signed the preliminary agreement to dispose of our Serbian office portfolio, securing however our future growth in Belgrade with the acquisition of a land plot designated for a large scale phased office project and even starting a new office project GTC X. Additionally, we invested heavily into Budapest based class-A office properties to shift towards higher-rated markets. We also focused on operations on our malls, which after the last lockdown, are delivering tremendous results, with malls’ turnover being well above 2019 statistics, especially in Poland. Also during this period, as the first real estate developer in the CEE region, we released the ESG report, a culmination of 25-years of GTC development based on quality offering, long-term relationships, and the transparency of our operations. It was a natural next step for our company as we consistently apply the corporate strategy based on providing real estate solutions that improve the way we live and creating a business platform that stands on trust and cooperation with stakeholders. The second half of the year will be similarly busy, as we are preparing ourselves for a capital increase and further investments” – commented Yovav Carmi, GTC’s President of the Management Board.

“The first half of the year was marked with the change in our financing structure and move from individual secured bank loans for particular projects to predominantly unsecured bond funding. First of all, we went through the rating process and achieved a Ba1 rating with Moody’s Investors Services and investment grade rating BBB- with Fitch. Later, we tapped the Eurobonds market for more flexible instruments, and succeeded issuing €500m green Eurobond with a coupon of 2.25%. The book was 2.8x oversubscribed with peak orders in excess of €1.4bn. This gives us great confidence and validates our change in strategy, business model and sustainable and responsible approach to our properties. I believe that we will be able to come back to the market later this year to complete our goal and refinance the majority of the remaining secured debt” – commented Ariel Ferstman, GTC’s CFO and Member of the Management Board.

GTC Romania continues new tenants’ streak: City Gate welcomes Theta on board

Yet another reputable company trusted GTC Romania with headquarters choice. Theta, a market leader in custom furniture making and interior design consultancy, chose City Gate as its new headquarters in Romania. The company will occupy over 1,000 sq m in the South Tower of the Bucharest located landmark office complex. The tenant will move its head office and showroom into City Gate by March 2022.

One and a half year into Covid-19 pandemics, many companies increasingly consider moving back into offices, as their employees are more willing to work from the office than from home. In the post-pandemic working reality, employees are seeking a quiet space and high office standards, which ensure safety, relaxation, and the possibility to work in the open air. These factors became the key motivation for Theta, a recognized interior design & furniture consulting company, to choose City Gate as its new headquarters and showroom in Romania. The company will occupy over 1,000 sq m of modern office space in the South Tower of City Gate for a 5-year period.

“With yet another Romanian market leader choosing City Gate as its headquarters, we can observe a streak of successful lease agreements for GTC Romania. This is a sign of our recognized reputation in the Bucharest office market. We are delighted to welcome such a renowned company as Theta on board and grateful for putting trust in us. We were also pleasantly surprised by the fast track of the negotiation and the decisions showed by our new tenant in securing a prime location for its business and employees. Also, I would like to thank the CEE Estate asset management team as well as Knight Frank Romania for their great support with this transaction. They say, “there is no place like home”, and I hope Theta will feel so at City Gate, making our cooperation long-term and mutually beneficial” – said Ziv Gigi, Managing Director for GTC’s operations in Romania.

Theta belongs to Intermedio General Group, operating in the household and institutional furniture manufacturing industry. Since 2008, Theta has been one of the market leaders in Eastern Europe with more than 11 years of experience in custom-made furniture making, high-end space renovations, offering superior quality interior design & fit-out solutions for over 1500 clients in the custom-made and standard furniture sector. Theta has consulted and delivered cutting-edge interior spaces of a total of 300 000 sq m for 882 offices, 112 HoReCa and 504 residential and commercial spaces. The well-communicated location, modern interior design, and the variety of facilities for relaxation and entertainment became the decisive factors for Theta to choose City Gate as its Bucharest office.

We are very happy to announce moving our headquarters and main showroom to City Gate South Tower. We believe the synergy between the landmark building City Gate and quality of products and services we provide as Theta will lead to a very successful experience for our clients and employees” – says Florin Gheorghe, CEO of Theta Romania.

City Gate is a high-end office building located in the North of Bucharest, with easy access to business and recreational facilities grouped around the Herăstrău Park and office hubs like Piața Victoriei. The facility offers 48,000 sq m of modern office space, tailored to suit various tenants’ needs. Recently the South Tower has been enhanced with a brand-new lobby, offering a high-end interior design experience for tenants and City Gate guests. Served directly by a bus and a tram line, the property offers approx. 1,000 refurbished underground parking spaces. The nearby modernized Plaza premise provides a moment of tranquility for tenants and visitors, who can relax in one of the lobbies, arranged in a matching urban design. The upper floors of City Gate offer an exceptional view of Herastrau Park, where one can enjoy lunch or have a coffee break in the sky-bar and restaurant. 

Information regarding the capital increase of GTC S.A.

At today’s EGM, Globe Trade Centre S.A. received its Shareholders’ support for the capital increase of up to 20% of the existing share capital.

The Management of GTC appreciates Shareholders’ confidence.

As per the EGM authorization, the Management may conduct the transaction within the next 6 months, however the Management’s intention is to share its Q2 2021 results with the investors prior to any offering of the new shares.

Inspired by sustainability: Aeropark’s new look

Globe Trade Centre has started the modernization of one of its key office assets in Warsaw – Aeropark Business Center. Zephirus, one of three A-class Aeropark’s buildings, can soon boast a brand-new lobby designed together with BIT CREATIVE studio. The lobby renovation is the first step in bringing the whole Aeropark complex to a futureproof level as GTC continues to upgrade its long-running properties into and sustainable and human centric spaces.

Zephirus new lobby had the idea of circular economy at its root – in line with GTC’s approach to sustainable development and care for the environment. Designing the lobby, the BIT Creative studio paid particular attention to the illumination of the interior to make it more welcoming and spacious. The architects optically enlarged the lobby, perfectly exploiting the size of the room by playing with sloping walls made of lighted lacquered elements. The reception desk furniture, inspired by the wings and the new logo of Aeropark, perfectly finalizes the interior design and adds warmth to the space. Made in a dynamic form and enhanced with sustainable illumination, it adds lightness to Zephirus entry.

“Architecture plays a key role in inspiring employees and motivating them to achieve better professional results. While working on the renovation of Zephirus lobby, we bore in mind the current and future needs of GTC and its tenants. The idea behind our project was inspired by the core values of GTC – sustainability, responsibility and solid outlook, which is reflected in the visual identity of the lobby and the materials we chose for it. Our goal was to make the design not only aesthetic and comfortable, but also flexible and functional. On top of all, the unique architecture of lobby reflects the sign of time – sustainability embedded in futureproof design. The whole interior is a combination of wood, steel, white and black – very modern, yet classic and timeless. Various elements of its design were made with responsibly sourced and reused materials, supporting the ergonomics of Zephirus in the most efficient way. As a result of our cooperation, we succeed to create a new highlight of Aeropark Business Center, which can be easily identified with GTC’s brand”– says Barnaba Grzelecki, the leading architect of Bit Creative Studio.

Aeropark is a high-end business park uniting three A-class offices – Corius, Nothus, Zephirus – within an area of 28,800 sq m, located just three minutes away from Warsaw Chopin Airport. Each building stands out with refined architecture intertwined with sustainable solutions, such as heat, water, and energy-saving systems. Fully powered by green energy, Aeropark meets the strictest ecological criteria, proven by LEED and BREEAM certifications. Apart from being conveniently connected to the main transport arteries of the city, the office park is also well communicated within its territory as a shuttle bus circulates from one office building to another. A home to one of the most reputable logistics companies, the complex neighbors a plethora of hotels and conference facilities and hosts car sharing for even greater ease of commuting between the airport and the city.

Aeropark Business Center can also boast a unique service offer to suit the most exquisite tenants’ needs. Recently extended cycling paths now are complemented with station-less Revelo bikes and upgraded shower cabins for two-wheel commuting enthusiasts. Tenants can also enjoy a fully equipped gym, canteen and food trucks set in extensive green areas crowned with a pond which is a perfect spot for escaping from the busy work routine. Since recently, the park’s tenants can also enjoy fresh greens all year round grown in the local herbarium. Thanks to the proximity to Warsaw Chopin Airport, Aeropark can offer its residents a unique plane-spotting experience, as the office windows overlook take-offs and landings throughout the day. On top of that, GTC plans to crown the building with a terrace, serving as an observation deck.

“Aeropark Business Center is timeless assets in our portfolio that continues to attract tenants over the years. The secret of its success is simple: continuous improvement of our service offer to anticipate tenants’ expectations. These days we are focused on upgrading our properties with our tenants’ safety and needs in mind, as more of them are willing to come back to offices. While green certificates serve the proof of upscaling the Aeropark into a more sustainable office space with the highest safety standards, we always try to provide our tenants with tangible ‘extras’, such as a fully renovated Zephirus lobby, Revelo bike sharing, or an herbal garden we have recently planted together. Modernization is never a one-way process – it is a dialogue between our tenants and us, which results in long lasting, trust-based relations” – says Grzegorz Strutyński, Country Manager for GTC in Poland.

Aeropark’s modernization is another step in realizing GTC’s sustainable development agenda. The developer pays extra attention to offering the premium quality of services provided in its properties, with a special focus on tenant’s comfort and sustainability. The office park ensures energy and water-saving solutions within its premises, such as modern heating and ventilation systems. Prior to the lobby change, each of Aeropark Office Center buildings underwent ecological certification and achieved LEED Gold status. The complex provides energy-efficient solutions in buildings, such as modern heating and ventilation systems. Besides, all Aeropark’s facilities are powered by green energy from 100% renewable sources since April 2021.

design: Bit Creative Barnaba Grzelecki photos: Katarzyna Seliga-Wróblewska, Marcin Wróblewski / Fotomohito

Seweryna Afanasjew joins GTC Poland as Head of Asset Management

GTC has appointed Seweryna Afanasjew as Head of Asset Management in Poland. Her outstanding in-depth sector knowledge coupled with extensive experience in commercial asset management and leasing for investment funds will strengthen GTC’s market position. With Seweryna on board, the company expects the successful growth of its sustainable real estate portfolio in line with the developer’s best ESG practices.

Seweryna Afanasjew has made a name in real estate as a member of the Management Board of the RICS World Europe Board, Chairman of the RICS Poland Board, member of and IFMA Poland and Polish Facility Management Council. Licensed real estate manager and broker, Seweryna has 20 years of experience in commercial real estate, including offices, shopping centers, and warehouses.  Her focus area is finding and implementing modern technological solutions for real estate to increase the efficiency of the whole organization, which perfectly fits into GTC’s strategy of developing futureproof sustainable properties with a focus on the wellbeing of its immediate communities.

 An expert in corporate real estate and strategic facilities management in large international organizations, Seweryna started her outstanding career in 1999 at Cushman&Wakefield, followed by over 7 years as Real Estate Management Head in Citi Group. Later, Seweryna served as Asset Management Head at several real estate funds and helped build the commercial real estate portfolio of Octava Property Trust while leading their asset management and leasing team. From 2017 Seweryna managed the strategic FM area at Liberty Global as CEE Real Estate Facilities Fleet & Energy Head with 1000 lease agreements and 300,000 sq m of leased space at her disposal. This experience contributed to Seweryna becoming the founder and co-owner of 4 FM, a proptech company, which specializes in creating platforms for strategic facilities management sourcing.

“We welcome Seweryna Afanasjew as our new Head of Asset Management in Poland. In her new role Seweryna will oversee a diverse portfolio of real estate assets and work with third-party management partners to maximize each of our properties’ potential for greater revenue generation, net operating income, capital investment, planning, and asset preservation. I’m sure Seweryna’s deep sector knowledge and impressive experience will help strengthen the relationships with our tenants in Poland and, with their comfort and well-being in mind, bring the quality of our offer to even higher level, especially now, when we are focusing on introducing innovative sustainable solutions and setting for digital transformation in our portfolio” – commented Grzegorz Strutyński, Country Manager at GTC Poland.

Seweryna Afanasjew is a holder of multiple degrees and certificates, such as Digital Transformation from the University of Virginia, Boston Consulting Group, MSc in Property Appraisal and Management at Sheffield Hallam University, and master’s degree in Property Valuation from Warsaw University of Technology. Powered by extensive experience and deep market knowledge, Seweryna is a frequent speaker and lecturer at webinars, conferences, and training courses. She is also an author of many real estate articles and co-author of RICS publications “Real Estate Fund, Asset and Property Management: Investment Services” and “Procurement of Facilities Management”.

 GTC has always stayed on top of industry’s mind for its excellent asset management recognized by multiple renowned tenants. Nowadays, with COVID-19 putting additional pressure on property owners and tenants to adapt to ever-changing reality and keeping the consistent service quality and staying open to the dialogue is a must. It is an honour for me to be trusted with such a responsibility – to strengthen GTC’s exceptional reputation and conquer new heights within the asset management area in Poland. I am looking forward to a long and fruitful journey together with GTC, as I believe my experience will help in the realization of the Group’s strategy of developing sustainable buildings and ensuring long-term trust-based relationships with our tenants, based on prioritizing their comfort. Together we can propel the Group’s development strategy towards a steady, long-term growth in Poland” – commented Seweryna Afanasjew, Head of Asset Management at GTC Poland. 

GTC pays particular attention to the fostering long-term relationships with its communities in Poland. Care for the communities is manifested at all stages of property development – from choosing a location for new investment, through design and construction, to the asset management and creating service offer of a completed building. In Poland the company strives to improve the quality of every building it develops, including the existing assets, focusing on its tenants’ needs. GTC has been successfully revitalizing long-standing properties in its portfolio, upgrading them with sustainable solutions. For example, since 2021 all of the GTC’s Polish offices are powered by green energy and have environmental certificates, proving their ecological excellence. Apart from that GTC has gained its reputation in Poland for high-quality asset management by maintaining premium quality of common spaces, relaxation and leisure zones with small architecture elements that increase tenants’ wellbeing. More information about GTC’s sustainable asset management practices can be found through the Group’s 2020 ESG report at www.esg.gtc.com.pl/en.

Riding the green wave: All GTC Poland offices powered with renewable energy

Since 2021 All office buildings of Globe Trade Centre are powered by renewable energy sources. Green energy used in the properties is certified by guarantees of origin. With sustainable electricity running through 16 office buildings, including Aeropark Business Centre in Warsaw and Korona Office Complex in Cracow, GTC aims to reduce its carbon footprint and commits to ensure affordable and clean energy in all its facilities, as announced recently in the Group’s 2020 ESG report.

GTC is taking another step towards the sustainable reinvention of its portfolio. Following its responsible construction and development strategy, Globe Trade Centre is taking action to deliver upon its commitments regarding affordable and clean energy. Recently the company has completed the green certification process for all its buildings in Poland, switching 16 offices to run on sustainable energy. The electricity supply has a so-called guarantee of origin, i.e. a certificate confirming that it was obtained from renewable sources.

“We treat the improvement of our properties with great responsibility, implementing effective solutions that minimize the environmental impact of our operations. We are not stopping: after achieving LEED and BREEAM certification in all our properties in Poland, we “switched” them to green energy, with further steps planned ahead. Thanks to the exceptional efforts of our specialists and fruitful cooperation with external partners, we have significantly advanced the standard of our office buildings, allowing us to decrease their emissions for the benefit of the environment” – says Grzegorz Strutyński, Country Manager for GTC in Poland.

In all its activities Globe Trade Centre is guided by the idea of being both a responsible company and a good neighbour for the communities it co-creates. Recently the company as the first commercial developer in Central and Eastern Europe has published its first-ever ESG report, summarising the Group’s 25 years of activity in six real estate markets. GTC’s long-standing commitment to improve its operations on multiple levels goes hand in hand with the ESG commitments. The company acts holistically to achieve Sustainable Development Goals (SDGs), following the United Nations 2030 agenda. Globe Trade Centre provides energy-efficient solutions in most of its buildings, including modern water saving, heating and ventilation systems, as well as sustainably sourced materials. The company pays particular attention to make sure the applied technologies have appropriate certificates and approvals. On top of that, the developer puts extra emphasis on promoting healthy lifestyle and building sustainable habits among its tenants, such as cycling to work or commuting by public transport. To achieve that goal, all GTC’s developments are designed to be perfectly intertwined with main transport arteries and cycling paths. In this way, GTC continuously enhances the infrastructure and upgrades its facilities with tenant comfort in mind.

More information about GTC’s Green Bonds Framework and sustainable development strategy can found in the Group’s 2020 ESG report available at www.esg.gtc.com.pl/en.

Trusted partner: Best Value moves its headquarters to GTC’s City Gate

GTC Romania welcomes a new tenant under its wing – Millenium Pro Design retail group, operating under the brand Best Value, chose City Gate as its new headquarters in Romania. The company will occupy over 1,600 sq m in the South Tower of the Bucharest located landmark office complex. Best Value will move into City Gate by the end of Q3 2021.

While last year Covid-19 adversities influenced many companies put all major decisions related to negotiating office space on hold, this year’s prospects seem promising as more tenants consider moving back to offices. Great location, proximity to key urban facilities, wide selection of amenities for relaxation and leisure are becoming as important for tenants as safety and security in the workspace, especially after getting accustomed to working from home. Recognized by high-quality, safe, and tenant-centric properties, GTC Romania has signed yet another lease agreement for its landmark office property in Bucharest. Best Value, a recognized international retailer offering a premium duty-free shopping experience, has selected City Gate as its head office in Romania and will move into its new offices by the end of the third quarter. The Best Value’s new headquarters will be spread over 1,600 sq m in the South Tower of City Gate.

“I am excited that, yet another renowned company has chosen City Gate as its headquarters. This is a sign of our strong position in the Bucharest office market. We are delighted that such a renowned tenant as Best Value trusted in us and even more, we are thankful for the fast track of the negotiation and the decisions showed by our new tenant in securing a prime location for its business and employees. Also, I would like to thank the CEE Estate asset management team for their great support with this transaction. We hope City Gate will become a good home for Best Value, turning our relationship into a long-term mutually fruitful cooperation” – said Ziv Gigi, Managing Director for GTC’s operations in Romania.

Best Value belongs to Millennium Pro Design Group, which is also the owner of the Obsentum brand and the operator of the Furla Baneasa Shopping City and Coccinele Promenada Mall franchises. Founded in 1999, Millennium Pro Design is one of the retail market leaders in Eastern Europe with more than 12 years of experience in high-end duty-free commerce, dealing with such brands as Swarowski, Gucci, Furla, Tom Ford, Yves Saint Laurent, among others. Best Value has 23 shops in 12 international airports and more than 20 shops in Romania. The well-communicated location, well-designed interior, and high-quality offer of tenant amenities became the decisive factors for Best Value to choose City Gate as its head office in Bucharest, where the retailer will move by Q3 this year.

We are very pleased to move our new headquarters to the landmark City Gate towers and start a long and strong collaboration with GTC Romania. We believe with its perfect location and facilities City Gate will offer a great working environment for our employees” – says Cristian Negoita, General Manager for Millenium Pro Design.

City Gate is a high-end office building located in the North of Bucharest, with easy access to business and recreational facilities grouped around the Herăstrău Park and office hubs like Piața Victoriei. The facility offers 48,000 sq m of modern office space, tailored to suit various tenants’ needs. Served directly by a bus and a tram line, the property offers approx. 1,000 underground parking spaces. Tenants are invited to recreate between the City Gate Towers office building within the Plaza premise. The Plaza provides a moment of tranquility for tenants and visitors, who can relax in one of the lobbies, arranged in a matching urban design. The upper floors of City Gate offer an exceptional view of Herastrau Park, where one can enjoy lunch or have a coffee break in the sky-bar and restaurant.