Results still under the COVID-19 impact but leasing activity comes back in both retail and office sectors

Q1 2021 FINANCIAL HIGHLIGHTS

  • Gross margin from rental activity at €27m (€30m in Q1 2020), despite €2.4m impact of COVID-19 in Q1 2021 (€4.5m impact to pre-COVID levels of Q1 2019)
  • Operating profit: profit before tax and fair value adjustments at €15m (€13m in Q1 2020)
  • FFO strong at €14m (€18m in Q1 2020), FFO per share at €0.03
  • EPRA NAV at €1,123m as of 31 March 2021, EPRA NAV per share at €2.31 (PLN 10.77)
  • Solid financial metrics:
    • LTV at 45.5% (45% as of 31 December 2020)
    • WAIR at historical low of 2.3% (2.3% as of 31 December 2020)
  • Strong liquidity position with cash and cash equivalents at €254m as of 31 March 2021
  • Green bonds issued in the amount of €54m in March 2021 (25% oversubscription)

Q1 2021 PORTFOLIO HIGHLIGHTS

  • OFFICE: ACTIVITY STRONGER THAN IN 2020
    • Leasing activity focused mostly on prolongations reached close to 40,000 sq m
    • Occupancy remained strong at 90% as of 31 March 2021 (90% in December 2020)
    • €212m invested in Q2 2020 into fully leased offices in Budapest with long WAULT and blue chip tenants will contribute €11.8m p.a. to our in-place rent
  •  RETAIL: COVID-19 STILL VISIBLE IN Q1 2021 RESULTS HOWEVER CURRENTLY 100% OF SPACE OPERATIONAL
    • Lockdowns in Poland, Bulgaria and Serbia lead to an impact on gross margin of €2.4m in Q1 2021
    • Currently, 100% of our retail GLA is allowed to trade
    • Retailers continue to expand
    • Occupancy improved to 96% as at 31 March 2021

First quarter was extremely busy. As all the businesses around the world we were focus on mitigating the COVID-19 impact. But we already saw a more positive sentiment compared to 2020. Our office leasing activity improved significantly from 70,000 sq m in the whole 2020 to almost 40,000 in the first quarter 2021 itself. Also retail saw some significant lease agreements and openings. Additionally, we proceeded with our acquisition plans and invested EUR 212m in the prime offices in Budapest acquiring Vaci Green D, Ericsson Headquarter and Siemens Evosoft Headquarter, which are fully leased to blue chip tenants and will contribute significantly to our annual NOI. Those acquisitions further complement and boost our green office portfolio in CEE and are a part of our strategy of refocusing more on Poland and Budapest. We financed the acquisitions with our own funds combined with bank financing and green bonds issued in late 2020 and early 2021.” – commented Yovav Carmi, GTC’s President of the Management Board.

“On the top of acquisitions we were also preparing GTC to the change of our financing structure and move from individual bank loans for particular projects to unsecured bond funding. We would like to tap the liquid bonds market for more flexible and hassle free instruments, similarly to our regional peers who successfully approached the bond markets recently. We aim to issue the Eurobonds still prior to the summer.” – commented Ariel Ferstman, GTC’s CFO and Member of the Management Board.

GTC invests over EUR 160m in offices in Budapest

  • GTC acquires the Ericsson Headquarters and the Siemens Evosoft Headquarters office buildings in Budapest.
  • The acquisition of two unique A‑class office buildings occupied by triple A tenants is an excellent opportunity to continue the growth of GTC.
  • The acquisition is in line with the strategy to refresh developer’s portfolio to newer, more modern and green office buildings in the CEE region.

GTC, a leading developer and asset manager in Central and Eastern Europe, has decided to boost its Hungarian portfolio again by investing EUR 160 million in the acquisition of two office properties in Budapest: the Ericsson Headquarters and the Siemens Evosoft Headquarters. The acquisition of two unique A-class office buildings occupied by triple-A tenants is an excellent opportunity to continue GTC’s growth. Both buildings have LEED Gold green certification. The transaction is in line with GTC’s strategy of refreshing its portfolio to newer, more modern buildings and focus exposure on office developments in the CEE region as well as fulfil the policy of investing in projects which comply with eco-friendly standards.

Having purchased the Váci Greens D office building, GTC continues its excellent streak of seizing new opportunities by acquiring two assets in Budapest. The new acquisition complements the existing portfolio of modern, eco-friendly office properties in the Hungarian capital confirming the company’s dedication to operate green, quality projects on the CEE markets.

Both buildings are conveniently located in the southern part of Buda on the Danube riverbank. One of the most modern office buildings in Hungary, the Ericsson Headquarters comprises 21,100 sq. m of A-class lettable space, including high-tech and high-end finishes and solutions contained in offices, laboratory, canteen and 500 underground parking places. This fully-leased building is home to one of the Swedish company’s largest R&D centres. It was also awarded the LEED ‘Gold’ certification confirming pro-environmental solutions applied to meet various needs of the tenant.

On the other hand, the Siemens Evosoft Headquarters office building is WING’s newest property development project delivered in late 2020. It brings 20,700 sq. m of modern space housing research and development functions and providing employees with a sustainable 21st-century working environment. It is fully leased and LEED Gold certified. The new acquisitions are an embodiment of GTC’s policy of investing in projects complying with the highest environmental, social and governance standards.

“We strive to develop and acquire buildings that meet the highest environmental standards while blending seamlessly into the urban fabric and creating local landmarks. We are thrilled to see them project their image not only on their immediate surroundings but also reach much further shaping their entire neighbourhoods. Acquisition of the Ericsson Headquarters and the Siemens Evosoft Headquarters will complement and further boost our green office portfolio in CEE. Those two properties with a combined NOI of EUR 8.9 million will contribute significantly to our FFO generation. We aim to finance the acquisition with our own funds combined with bank financing and green bonds issued in late 2020 and early 2021.” – commented Ariel Ferstman, CFO at GTC.   

Currently, the rich office portfolio of GTC Hungary comprises six office assets, including Duna Tower, Váci Greens D, Center Point I and II, and GTC Metro. The company is also developing Pillar, an extraordinary development that will offer 29,000 sq. m of office space. It has been fully rented before its commissioning scheduled for Q1 2022 and will become the headquarters of ExxonMobile.

Just Breathe – GTC celebrates Earth Day in Poland

  • On April 22-23rd, GTC celebrates Earth Day in all its Polish offices.
  • The Just Breathe campaign focuses celebrations on the importance of air quality.
  • Each of the GTC’s offices will receive an air-cleansing plant to improve air quality in the workspace. Tenants may make use of seeds available at the reception desks.
  • Additionally, e-waste collection and herbarium for tenants will be arranged in all properties.

To celebrate Earth Day, GTC encourages its employees and tenants to be active together. On April 22nd and 23rd, the company organizes a green Earth Day campaign to raise awareness of air quality and promote pro-ecological habits. As a part of the campaign, the developer will distribute air purifiers and collect e-waste from all office buildings located in Poland. The goal is to encourage people to return to offices that are greener and friendlier. The company has not forgotten about employees who work remotely by preparing a special video on plant care.

Between April 22nd and April 23rd, GTC will celebrate Earth Day under the Just Breathe motto in all its office properties in Poland. Due to the cooperation with Rośliny duet, each tenant will receive special plants, which fill the interior with more oxygen. In addition to that, the developer encourages tenants to install KANAREK App to track air quality. In this way, they can check how plants can improve air quality within closed spaces. But that’s not all – GTC also distributes seeds along with video tutorial to tenants, so that they can improve air quality in their homes during remote working. Finally, in all office premises, special containers have been installed so that workers could easily dispose of their e-waste.

“As the developer, we want to ensure the best possible working conditions, based on principles of well-being and sustainability. “Just Breathe” is not a randomly chosen name. As Dr. Joy Manne said, “Everything we do and everything we are begins with our breath”. We want to remind our communities how important it is to take care of the quality of the air we breathe, by improving our natural surroundings and changing our daily habits. If we, as a developer, can make the environment in our offices greener and encourage our tenants to do the same in their own spaces, in the long run, our common actions can bring a positive change. – commented Grzegorz Strutyński, GTC’s Country Manager in Poland.

Aeropark Business Center in Warsaw takes celebrations a step further. On Earth Day, GTC will invite Aeropark tenants to create a herbarium together and, together with the Łąka Foundation, will provide them with fresh herbs throughout the year. One of Aeropark’s tenants, Fiskars Gruop, is also particularly involved in the initiative, and provide tools for growing beds. The action takes place with all safety measures observed. Apart from that, starting from April 23rd, Aeropark residents can enjoy newly opened Revelo bike-sharing. With Revelo bikes, the developer hopes to introduce cycling to work as a new positive eco-habit.

“By sending out air-purifying plants, running e-waste collection, distributing seeds and installing bikes in our properties, we want to remind our tenants that pro-environmental solutions can be simple, yet effective. We want to show our tenants that, despite the pandemic, offices are an attractive and safe space to return to under the sanitary regime” – added Strutyński.

Globe Trade Center has been consistently developing its sustainability strategy, and Earth Day celebrations are just one example of it. In 2020, GTC has issued 792 green bonds with a total value of approx. EUR 110 mln. On top of that, all GTC projects in Poland have eco certificates (LEED, BREEAM), while 84% of developer’s properties in CEE received green certification.

GTC’s Green Heart is LEED certified

  • In February 2021, the N3 building in the Green Heart complex has obtained LEED Gold certificate. 
  • The five A-class buildings provide 46,300 sq m of high-tech office space embedded in an eco-friendly environment. 
  • Completed in 2020, the Green Heart complex is the most modern campus-like office site in Belgrade, Serbia. 

The Green Heart office complex consists of five A-class offices occupying 46,300 sq m state-of-art space, designed with the environment and tenant comfort in mind. In February 2021, the Green Heart’s building N3 has received the LEED Gold certificate for its ecological excellence, thus finalizing the certification process for the whole complex. 

Green Heart is an office project located on the corner of Milutin Milanković Boulevard and Boulevard of Art, in New Belgrade, Serbia. It includes two revitalized buildings (GTC Square) and three new ones, creating the campus-style office park. Now the whole complex is fully LEED certified, proving its function to serve as a green oasis in the busy capital of Serbia. 

Completing the process of LEED certification for Green Heart is an important achievement on GTC’s sustainable agenda. It is our firm belief that highly efficient energy-saving solutions, renovable energy, recycling-stations, accessibility instalments are must-have elements of any modern property and the Green Heart project fully proves our approach. Thanks to the hard work of our team, each square meter of the N3 building and the whole Green Heart is tailored to suit individual needs of the tenant while addressing the environmental challenges” – commented Pedja Petronijevic, GTC’s Country Manager in Serbia. 

The Green Heart complex is distinguished by unique architecture and energy-saving elements such as smart lighting or air conditioning systems to meet the most exorbitant tenants’ expectations and adjust to individual requirements. Solar panels have been installed on the roof of the Green Heart N3 building to deliver the most accurate energy-saving measures. The facility is highly accessible, as it is adjusted to wheelchairs. Besides, Green Heart developments are made up of large glass windows, allowing tenants to enjoy the peaceful view of the green courtyard from each of the spacious terraces. The complex provides an extensive entertainment offer that includes a spacious restaurant and sport bars. These attractions allow employees to improve their office experience to the next level of satisfaction. 

Ziv Gigi appointed as Managing Director for GTC’s operations in Romania

GTC, a leading developer and asset manager in Central and Eastern Europe, has announced the promotion of Ziv Gigi to the position of Managing Director Romania. He will be responsible for all operations of GTC in the Romanian market.

Ziv Gigi has more than 15 years of experience in Central and Eastern European real estate markets, developing and operating dozens of projects in office and Retail space. Ziv expertise covers the spectrum of a real estate development, sales and acquisitions, to include ideation, identification, realization, and ongoing operations. In addition, his previous tenure as the CFO of GTC’s operations in Bulgaria, Romania and Serbia provided him with all the financial acumen needed to successfully execute and support the company’s strategic direction.

“I’m excited for this new opportunity with GTC. Romania is a dynamic and promising strategic location for the company’s development and growth. My deep knowledge of real estate sector and years of experience in this market will support GTC in realizing brand-new projects and implementing operational excellence” – commented Ziv Gigi, Managing Director of GTC in Romania.

“Throughout his time in GTC, Ziv has consistently shown exemplary performance, doing above and beyond what is expected of him. I am thrilled to welcome him as the Managing Director in Romania and confident that his expertise in CEE real estate markets coupled with his dedication will propel our company’s success” added Yovav Carmi, the President of the Management Board at GTC.

Apart from his impressive expertise in development and Asset management, Ziv Gigi is a certified public accountant (CPA) with over a decade of financial management experience specializing in capital raising and strategic planning. In the past, Ziv worked as an auditor for Ernst & Young Israel, and as a financial manager for a private developers in Hungary and Turkey.

Strong earning result despite COVID-19 impact

2020 FINANCIAL HIGHLIGHTS

  • Gross margin from rental activity at €119m (€128m in 2019), despite €15m impact of Covid-19
  • Operating profit: profit before tax and fair value adjustments at €66m (€73m in 2019)
  • FFO strong at €66m (€70m in 2019), FFO per share at €0.14
  • EPRA NAV at €1,112m as of 31 December 2020, EPRA NAV per share at €2.29 (PLN 10.57)
  • Solid financial metrics
    • LTV at 45% (44% as of 31 December 2019)
    • WAIR at historical low of 2.3% (2.6% as of 31 December 2019)
  • Strong liquidity position with cash and cash equivalents at €272m as of 31 December 2020
  • Investment grade rating of BBB- from Scope Rating
  • Green bonds issued in the amount of €110m in December 2020 (33% oversubscription) followed by bonds issue of €54m in March 2021 (25% oversubscription)

2020 PORTFOLIO HIGHLIGHTS

  • OFFICE: SLOWER ACTIVITY DUE TO COVID-19
    • Pandemic slows leasing activity, but it still reached 70,000 sq m in 2020:
      • Extension and prolongation of Barry Callebaut lease in UBP B, Łódź (6,000 sq m)
      • Extension and prolongation of Takeda lease in Sterlinga, Łodź (5,600 sq m)
      • Prolongation of EoN lease in City Gate, Bucharest (4,150 sq m)
      • CommerzBank chose Advance Business Centre, Sofia (3,500 sq m)
      • Generali signed a pre-lease in Matrix B, Zagreb (2,500 sq m)
    • Occupancy remained strong at 90% as of 31 December 2020 (95% in December 2019) despite new completions with lower than average occupancy
    • Completion of 3 office buildings:
      • Green Heart N3 in Belgrade (5,400 sq m);
      • Matrix B in Zagreb (10,700 sq m);
      • ABC 2 in Sofia (17,800 sq m);
    • Acquisition of a landplot in Budapest for future growth
    • Start of construction of Sofia Tower (8,300 sq m)
    • Strat of redevelopment of Center Point 1&2
  • RETAIL: PROMPT AND EFFECTIVE MEASURES TO MINIMIZE NEGATIVE EFFECTS
    • Renegotiation of contracts with retailers
    • Gross margin impacted by €15m in 2020 due  to Covid-19 lockdowns and related tenant’s support measures
    • Temporary discounts in return for material extensions allowed to keep the WALT at 3.6 years as of 31 December (4.0 years at 31 December 2019)
    • Occupancy remained strong at 95%
    • Strong rent collection: 97% of invoiced retail rent paid for 2020
    • Debt covenants relaxed or waived

During the last few years, including 2020, we have grown our property portfolio through development and smart acquisitions, tightened our financial policy and strengthened our liquidity. Our asset management teams delivered excellent service to our tenants and maintained high levels of occupancy. The Group heightened its attention to ESG matters, issued green bonds and strengthened its contribution to the well-being of the communities it creates. We are proud that these accomplishments prepared us for the unforeseen challenges posed by the outbreak of COVID-19 during 2020 – commented Yovav Carmi, GTC’s President of the Management Board.

“At the end of 2020, our property portfolio reached €2.1 billion. Total revenues were at €160 million. The Group’s EPRA net asset value now stands at €1.1 billion, reflecting the high quality of our portfolio and low leverage: net loan-to-value was 45% at year-end. GTC has a record low cost of debt averaging 2.3% and a strong net interest coverage ratio of 3.7x. Occupancy across the whole portfolio was steady at 91%. And all of that despite a very challenging environment” added Yovav Carmi, GTC’s President of the Management Board.

“GTC remained active on the capital markets in 2020, raising about €110 million of senior unsecured bonds, providing additional flexibility that will be used for a combination of debt repayment, new developments and acquisitions. We issued green bonds, further demonstrating our commitment to sustainability and financial innovation. The Group’s strong market position was also confirmed by investment grade rating BBB- by Scope Ratings. Total available liquidity of the Group was €272 million at the end of 2020. As a result, GTC’s finances are prepared for any opportunities or uncertainties which may lie ahead” – commented Ariel Ferstman, GTC’s CFO and Member of the Management Board.

GTC acquires Vaci Greens D and strengthens its portfolio in Budapest

  • GTC acquired the Váci Greens D office building in Budapest.
  • It is an A-class office building located in the Váci Office Corridor, the Northern part of the city.
  • This acquisition enriches the GTC’s Hungarian office portfolio of modern, green buildings.

GTC, a leading developer and asset manager in Central and Eastern Europe, has decided to extend its Hungarian portfolio with the new development, the Váci Greens D office building in Budapest. The transaction is partially financed from the green bonds issued in 2020 and is in line with the Group strategy to invest in sustainable portfolio of commercial buildings located in the CEE capitals.

Just a few weeks before the publication of the 2020 financial results, GTC demonstrates the Group’s strength as well as a unique ability to seize new opportunities during the challenging times of the COVID-19 pandemic. New acquisition, Váci Greens building D offers 16,027 sq. m of modern space that meets tenants’ highest convenience standards during daily work with all necessary amenities present including an attractive terrace area, various retail units such as restaurants or fashion brands as well as 246 parking spaces. Some funds for the purchase came from the issuance of green bonds.

The building fits into GTC’s sustainable portfolio of green developments that ensure tenants’ health and well-being. The Váci Greens D office building complies with the BREEAM requirements, achieving the “Excellent” certification in its design. The acquisition will be partially financed from green bonds issued at the end of 2020.

“Last year we have sold one of our long-lasting assets, Spiral office building. Seeking new opportunities on the market, we decided to acquire Váci Greens D located in Budapest, that fits our portfolio and meets our requirements in terms of modern and sustainable A-class projects. We consequently continue our strategy, offering our tenants the highest standards that now in the pandemic are needed more than ever before” – commented Yovav Carmi, President of the Management Board of GTC.   

The property is a part of the larger office complex located in the “office corridor” of Budapest. It distinguishes with excellent communication links by metro and the major artery of Váci út. The Váci Corridor reminds the most prestigious office localization in Budapest attracting leading Hungarian and international companies. The office building is almost fully occupied with reputable prime tenants including Unilever, AVON, and Ford.

Together with the purchase of the Váci Greens D property, GTC Hungary manages the portfolio of state-of-the-art developments offering 88,400 sq. m of office space, including Center Point, Duna Tower, and GTC Metro. Additionally, GTC is developing Pillar, an extraordinary project that will offer 29,000 sq. m office space and has been fully rented before commissioning planned for Q1 2022.

Playing together for a good cause: GTC partners with Virtuosa Foundation

  • GTC will support Virtuosa Foundation, founded by Colliers International.
  • The goal of the foundation – to modernize the space in children’s hospitals, ensuring their well-being – reflects GTC values and mission.
  • Grzegorz Strutyński, Country Manager at GTC in Poland, will join the Virtuosa Foundation Board.

GTC, a leading developer and asset manager in Central and Eastern Europe, joins a partnership with Virtuosa Foundation. Established by Colliers International, the organization focuses on modernizing spaces in children’s hospitals for their well-being. Also, Grzegorz Strutyński, Country Manager at GTC Poland, will join the Foundation’s Board. Such cooperation is a significant step for GTC towards strengthening the relationship with local communities and trusted partners in Poland.

Acting responsibly and making a positive impact on the communities, where the company operates, has always been on GTC’s agenda. The company has been actively searching for a trusted partner to amplify this impact and direct it to where it is needed the most. Virtuosa, a recently launched foundation aimed at modernizing the space in children’s hospitals, could not be a better choice. Established by worldwide famous violinist-soloist and philanthropist Patrycja Piekutowska, Ph.D., and Monika Rajska-Wolińska, Managing Partner and EMEA Board Member at Colliers International, Virtuosa calls for businesses and experts like GTC to make a real impact on improving the environment in which children function.

This is particularly true, since Grzegorz Strutyński, Country Manager at GTC Poland, took a place on the Foundation Board among eminent figures from the world of medicine and business, such as Bohdan Maruszewski, MD, Ph.D., a prominent Pediatric Cardiac Surgeon, Pawel Wierzbicki, CEO of Schindler Poland, and Monika Rajska-Wolińska, Managing Partner at Colliers International.

“Focusing on the well-being of all members of the society runs deep in GTC values. Therefore, we are thrilled to join Virtuosa Foundation and work together on improving the treatment conditions of young patients. Knowing that the goals of the foundation are in line with our core business – construction, and mission – creating user-friendly spaces for everyone, I am sure our cooperation will bring very effective results. I am happy to be a part of this journey as a board member and I will do my best to contribute” – commented Grzegorz Strutyński, Country Manager at GTC in Poland and Board Member at Virtuosa Foundation.

The partnership with Virtuosa is mutually beneficial: the foundation plans to carry out projects combining the virtuosity of architects, designers, music professionals and businesses, providing many opportunities where GTC can help with their expertise as a leading commercial developer. At the same time, joining efforts together with such prominent experts as Patrycja Piekutowska, Ph.D., would allow the company to bring a high impact change to the well-being of local communities in Poland.

All GTC buildings in Poland now with green certificates

  • Artico, a GTC’s A-class office building in Warsaw, has been awarded the “Very Good” BREEAM certificate. 
  • All GTC developments in Poland are now certified green.
  • Once again, the company has demonstrated its dedication and consistency in delivering sustainable solutions with health and well-being of its tenants in mind.

GTC, a leading developer and asset manager in Central and Eastern Europe, has been awarded the Very Good BREEAM certificate for one of its Warsaw assets, the Artico office building. Thus, the company has successfully completed the green adaptation process for all its Polish commercial assets. The achievement follows a consistent implementation of the company’s sustainable strategy.

The total of 18 GTC’s buildings in Poland have now confirmed their BREEAM or LEED status. GTC is the owner and the manager of a number of office buildings in the largest Polish cities, including Warsaw, Kraków, Katowice, Poznań, Wrocław and Łódź. Also GTC’s shopping malls: Galeria Jurajska in Częstochowa and Galeria Północna in Warsaw were awarded green certificates.. This is a great achievement, as only few retail facilities in Poland meet the necessary requirements to be certified. The certifications received by all GTC’s assets prove the company’s strong focus on securing tenants’ well-being.

“I am proud that we accomplished certification process for all our buildings in Poland. As a socially responsible company we care about environment and we keep investing in sustainable solutions. We are focusing on well-being of our tenants. It is important for us to shape workplaces where people feel good, safe and effective” commented Yovav Carmi, the President of the Management Board at GTC.

Artico is an A-class office building in Warsaw. It offers 7,600 sq m of lettable office space spreading over eight floors. There are also 153 parking places and 80 underground bicycle racks available to tenants. The building is located in the Mokotów business district. Artico boasts convenient access to public transport, such as the metro line and a number of tram and bus stops. The main tenant is CBRE Corporate Outsourcing.

The LEED and BREEAM green certifications are among the global most popular multi-criteria building assessment systems. They promote healthy, efficient and economical green solutions for commercial buildings, in line with ecology and environmental protection.

GTC expands tenant portfolio in Bulgaria

  • IKEA and Bershka will be new tenants in the Mall of Sofia – one of the most successful shopping malls located in the city. As a result of these agreements, GTC will lease 2,000 sq m of retail space in the centre. 
  • GTC has signed the deal on the extension of World Bank in Advance Business Center II, an A-class office building located in a vibrant business district in Sofia, Bulgaria. 

GTC, a leading developer in Central and Eastern Europe, has signed an agreement with IKEA and Bershka to lease retail space in the Mall of Sofia. Moreover, GTC Bulgaria has also contracted with the World Bank for the expansion of office space in the Advance Business Center II office building. These activities testify to good profitability and tenants’ interest in leasing office and retail space even during the pandemic.   

GTC Bulgaria has successfully completed the year by signing an agreement with two new tenants – IKEA and Bershka to lease the retail space in the Mall of Sofia. IKEA plans to open its new 1,200 sq m concept in May 2021. The tenant will move in after the modification of the building, as a result of which, a new office tower, Sofia Tower 2, will appear on top. 

In May next year, Bershka, a clothing store for teenagers, will also open in the Mall of Sofia. Inditex, the owner of Bershka, has just signed a contract for the lease of 800 sq m of retail space. 

This is not all good news. A year after signing the contract for office rental in Advance Business Centre, World Bank decided to extend the office space by another 650 sq m. As the result, the World Bank will rent 4,650 sq m of high quality, innovative office space in A-class Advance Business Centre II office. The building is due for deployment in the nearest future. It is LEED Gold pre-certified. 

GTC has a long and successful history on Bulgarian market. It is strategically important for us to develop our portfolio here and invest further, especially as we see a growing demand for premium class office and retail space. The clients appreciate perfect location of our projects, well-designed interior, and amenities available inside and outside our investments. But we don’t want to be seen as an investor only. We are doing our best to be a good neighbour and responsible corporate citizen. That is why organize many community and charity events. For example, now we run a big charity campaign to collect dry food for people in need, in which our tenants actively engagecommented Danny Bercovich, Country Head at GTC Bulgaria

In Bulgaria, GTC currently operates three projects in use – Mall of Sofia, Sofia Tower, and Advance Business Centre I. The company also has two office projects under construction – Sofia Tower 2 and Advance Business Centre II.  

Mall of Sofia is located at the intersection of the two busiest roads in the centre of the Sofia. The building benefits from its strategic location through immediate connection to multiple bus, trolley, tram stops and the metro station only 3 minutes away. The mall enjoys high customer frequency among residents.  

Advance Business Center II is the second GTC landmark office development set within Business Park Sofia. Besides being well-communicated by public transport and ring road to the center and all major entry-exit points of the city, the office complex is surrounded by a diversity of service and entertainment facilities, such as fitness center, cinema, beauty salon, Hotel Park Inn, cafes and supermarkets.