Rompetrol extends lease agreement in City Gate

  • KMG Rompetrol, Romanian oil company, extends its lease at GTC’s City Gate until the end of 2026.
  • The tenant will occupy 9,356 sq m of modern office space.
  • City Gate is an A-class office complex with a total leasable area of 48,000 sq m.
  • This is the 1st transaction under the new Managing Director and asset management company CEE Estate.

GTC has renewed its lease agreement with KMG Rompetrol – management and support services division of the KMG International Group – one of the key players in the fuel sector in southeastern Europe, for another five years. KMG Rompetrol will continue to occupy 9,356 sq m of its headquarters in City Gate, a modern A-class office building located in Bucharest. This is the first transaction completed under the guidance of Ziv Gigi, recently appointed Managing Director of GTC’s operations in Romania, and CEE Estate, an asset management company.

KMG Rompetrol, part of an international oil company with operations in Romania, Moldova, Bulgaria, Georgia and the upstream area, has decided to prolong its lease for 9,356 sq m of modern office space in the northern tower of the City Gate complex until December 2026. The property is located in a prestigious part of Bucharest’s business district and consists of two buildings offering almost 48,000 sq m of high-quality office space in total.

 We always appreciate the trust our business partners have in the excellency of services offered in our properties. KMG Rompetrol is a company that develops dynamically in Romania and beyond, paying close attention to ensuring the best working conditions for their employees. We are happy that such a reputable company stays loyal to the quality of our services, especially during the turbulent times of the pandemic. This agreement has proven yet again that our strategy of maintaining quality partnerships and long-term cooperation with our tenants is mutually beneficial. I would also like to recognize the CEE Estate asset management team, whose efforts and dedication throughout the negotiation process resulted in our first mutual success” says Ziv Gigi, Managing Director for GTC’s operations in 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. 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.

GTC presents a strong balance sheet at the end of 2019


  • In-place rent went up 12% to €145m
  • Gross margin from rental activity up by 15% to €128m
  • FFO I increased 14% to €70m, FFO per share at €0.14
  • Operating profit: 13% increase in profit before tax and fair value adjustments to €73m
  • Profit after tax of €75m, earnings per share of €0.15
  • EPRA NAV up by 3% to €1,200m (after dividend in June 2019) as at 31 December 2019, EPRA NAV per share at €2.47 (PLN 10.52 at EUR/PLN 4.26)
  • Solid financial metrics
    • LTV at 44% (45% as of 31 December 2018)
    • WAIR at historic low of 2.6% (2.7% as of 31 December 2018)
  • Dividend subject to market dynamics and developing worldwide situation


  • High occupancy kept high at 95%
    • 236,000 sq m of newly leased or released space (188,700 in 2018)
  • Completion of high quality office and retail space:
    • Green Heart (N1 and N2), Belgrade
    • Matrix A, Zagreb
    • Advance Business Centre I, Sofia
    • Ada Mall, Belgrade
  • Disposal of GTC White House and Neptun Office Center
  • Commencement of construction and full lease up of Pillar, a 29,000 sq m Class A office building in Budapest
  • 4 office buildings under construction to bring €12.2m rent upon completion and stabilization.

“Our strategy of focusing on development of state of the art, well designed and energy efficient buildings in CEE capitals has been proven successful and will be the solid ground of GTC’s future stability and profitability. The sale of two of our office buildings with significant value uplift, allowed for continuous growth while keeping Group LTV low. GTC’s business is greatly supported by the well managed capital structure of our balance sheet that through low cost of finance enhances the FFO increase of 14% to EUR 70m.” – commented Thomas Kurzmann, GTC’s CEO.

“We believe more value creation in office buildings and selected retail assets in CEE and SEE capitals is still ahead of us. However, the situation became recently very volatile and challenging. We observe the markets closely. Our strong balance sheet and well experienced management teams in all our countries of operation are prepared to take any steps necessary to cope successfully with the changing market conditions. – added GTC’s CEO.


2019_GTC_Financial Results_Press release

Office transaction of the year: GTC Pillar to house ExxonMobil

  • The GTC Pillar is A-class office building just off the popular Váci Office Corridor in Budapest that will comprise 29,000 sq. m of lettable space.
  • The facility is nearly 95% leased, while still under construction, which is a remarkable result on the Hungarian market.
  • The GTC Pillar office building is due for deployment in early Q1 2022.

GTC and ExxonMobil’s Global Business Services Center have signed a lease contract, agreeing to occupy the entire GTC Pillar Office building in Budapest, which is currently under construction and due for delivery early Q1 2022. This is the largest deal in an office building under construction in the history of Hungarian office transactions.

The new Pillar building will stand for high quality, sustainable technologies and high-precision project management when completed, perfectly fitting into GTC portfolio. ExxonMobil, being the sole tenant to occupy the building in the future, was involved in both the design and construction phases. Regular consultations between the parties ensure that Pillar is tailored to the tenant’s needs, ranging from environmentally conscious green solutions to electric vehicle charging facilities, restaurants, planned in-house day care facilities for children, and other recreation services. As the project is still in the construction phase, the deal proves GTC’s ability to consistently and reliably deliver high quality in a way that meets the most diverse needs of its customers to the maximum extent possible.

Pillar will not only be an office building developed by the latest technology but also a place where people working for ExxonMobil will enjoy the time spent within the office, common areas, garden, restaurant, coffee shop and the gym. I am so happy I can be part of this amazing project with ExxonMobil. Signing the lease agreement is only a mid-station of the GTC ExxonMobil journey, that started 17 years ago”, says Bori Gedai, Deputy Country Manager of GTC Hungary.

The lease agreement with GTC for a new Pillar building became a continuation of ExxonMobil’s 15-year anniversary celebration. ”With Pillar we will provide a modern, state of art work environment for our employees, encouraging collaboration and innovation from where we will be Powering ExxonMobil’s Global Business. I am looking forward to the next steps of this exciting project and continued great collaboration between the GTC, CBRE and ExxonMobil teams”, says Romke Noordhuis, Managing Director of ExxonMobil GBC Hungary.
Pillar is a 29,000 sq. m landmark office development set within the heart of Budapest, just off the popular Váci Office Corridor. Behind the pillars of commercial enterprise this high-class complex provides a garden of tranquility for all. With LEED gold pre-certification, Pillar sets a new standard for the modern office space.

GTC puts special emphasis on facilitating the emergence of new communities on its developments. Building along these principles in design, simple buildings turn into spaces where health and productivity are priorities and the community inhabiting the space plays an outstanding role. One of the Pillar features to underline this effort is the portico of the high-class complex leading to an oasis inside the building, designed by award-winning architects ZDA-Zoboki Építésziroda Kft.

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Globis Poznań BREEAM certified as “Excellent”

  • GTC’s Globis Poznań received BREEAM certificate at “Excellent” level
  • The building was assessed in the “Asset Performance” and “Building Management categories
  • Globis Poznań is a prominent class A office building comprising a total leasable area of 13,500 sq. m

GTC is getting closer to fulfil the ambitious plan to have all assets in Poland eco-certified. Now the time has come for Poznań, as Globis Poznań has just obtained BREEAM In-Use certificate with “Excellent” rating. Only since March this year six other buildings of the leading developer in the CEE region gained the prestigious BREEAM certificate – Francuska Office Centre in Katowice, four buildings of Korona Office Complex in Kraków, and University Business Park in Łódź.

BREEAM is the oldest and most widely used certification system for sustainable construction, established in the United Kingdom in 1990. It is present in 77 countries assessing such elements as energy and water use, health and wellbeing, pollution, transport, materials, waste, ecology and management processes.

Globis Poznań was given the highest rate for a healthy environment. The pro-health solutions include individual temperature control, openable windows for maximum natural light access, as well as ecological materials used for its construction and highly efficient waste management system.

We are delighted that BREEAM certificate serves now as a formal confirmation that people working at Globis Poznań can feel well cared for and at home. Years ago, when the first tenants moved to Globis, we were proud to see the trust we get from European and global brands and knew that we need to work hard to keep it a highly attractive place. We are now in 2019 and fully understand our role as a developer and manager of the properties – it is our responsibility to take care for the health and wellbeing of people who spend long hours of the day working inside our buildings” – commented Marlena Litwińska, GTC’s Property Manager.

Globis Poznań office building is located in the city center of Poznań at the junction of Roosevelta and Słowackiego streets, in the neighbourhood of International Poznań Fairs and the Old Town. It provides easy and quick access to the main railway station, numerous tram and bus lines and convenient connection to the Ławica International Airport. The building offers 13,947 sq. m of modern office space and welcomes every incomer with an elegant lobby presenting modern, minimalistic style. Each tenant can also enjoy the comfort of a fully fitted open space. It hosts such companies as Comarch, Majorel Polska, GPD, Administration Personnel Services, LyondellBasell, DFDS, Luxmed, and PEKAO SA.

GTC invests in the ecological design and sustainable technological solutions in both its office and retail facilities. Apart from the already seven BREEAM-certified Polish projects this year, last year GTC celebrated among others the LEED Platinum certificate granted for the outstanding GTC White House project in Budapest and the LEED Gold certificate for Galeria Północna, the newest GTC’s shopping center built in the Białołęka Northern district of Warsaw. Since its opening in September 2017, Północna has become a true “green center of the North” of Warsaw thanks to e.g. the green roof offering graduation tower and electric cars charging stations.

Globis Poznań

Spaces co-working office chooses GTC White House. Property now fully leased.

GTC is thrilled to announce that IWG has selected Budapest’s GTC White House to host the first Spaces co-working office in Hungary. IWG Hungary signed in mid-March 2019 a lease agreement for 3,500 sq. m in the LEED Platinum certified office building. Completed in June 2018, the 21,500 sq. m landmark building on Váci út office corridor is now fully leased. Spaces combines an inspiring work environment with the benefits of an exclusive business club. The concept aims to boost productivity and support collaboration between members and will be rolled out at GTC White House in Q4 2019.

“Signing the lease agreement with Spaces, the final lease at GTC White House, feels like completing a work of art” – said Bori Gedai, Deputy Country Director at GTC Hungary. “IWG deal means 100% occupancy has been achieved within 9 months of the building’s official opening” – added Bori Gedai.

GTC White House holds the prestigious LEED platinum certification in recognition of its excellence in environmentally responsible building design, construction and operation. It has collected several illustrious industry awards, including CRE Awards 2018 and CIJ Awards Hungary.

Spaces is a premium co-working and serviced office product from the International Workplace Group (IWG). It launched 11 years ago and comprises 240 locations worldwide, all providing users with an inspiring, comfortable and community office experience.

“Spaces is a creative work environment with a unique entrepreneurial spirit. Our dynamic workspaces help you think, create and collaborate, while our team makes sure you feel welcome. What really makes Spaces unique is the community we have worked to cultivate – full of forward thinkers, innovators, and game changers who love what they do” – commented Spaces’ co-founder and Managing Director Martijn Roordink.

Ispánki Nikoletta, the Country Manager at IWG added: “In recent years, hundreds of Spaces’ offices around the world have been designed to provide our customers with an ideal, flexible, and personalized office environment that delivers an inspiring atmosphere, comfort and community strength. As a LEED Platinum certified GTC White House tenant, we are convinced that the Spaces brand will continue to grow.”

Leading global real estate services company CBRE acted as adviser to the deal.

“It is always great to contribute to a deal like this. The building offers outstanding spaces with many sustainable and green solutions that will inspire the people who will be working there” – said David Johnston, Head of Advisory and Transaction Services at CBRE. “We believe that co-working spaces are the offices of the future, and the first Spaces co-working office will enhance the already thriving market in Budapest – not to speak of the building itself, which is absolutely beautiful”added David Johnston.

About GTC White House

The GTC White House office building is built on the site of former elevator factory on the Váci Road office corridor.  The office building has a total leasable area of 21,500 sq. m including a 2,000 sq. m entirely re­furbished standalone loft building and, 19,500 m2 of new premium quality offices.  GTC White House has achieved the LEED Platinum certification in recognition of its environmentally friendly and sustainable technical solutions.


MANGO opens in Galeria Północna

The Spanish chain MANGO has opened its first store in the north of Warsaw. Its wide selection of attractive women’s clothing from the latest spring collection and a range of trendy accessories have been available at Galeria Północna since 13 February.


The new MANGO store in Galeria Północna covers a considerable area of 433 square meters. It is the fifth MANGO shop in the capital and the first one in northern Warsaw. The Spanish fashion brand, adored by fashionists all over the world, is very careful in the selection of locations for its new stores. MANGO stores are opened in renowned commercial areas. On 13 February, Galeria Północna became another shopping mall housing the brand.

MANGO store perfectly complements the portfolio of Galeria Północna. Many of our customers are modern and active people who like to combine fashionable clothes with high quality and comfort. Their expectations are reflected both in the philosophy and in the clothes of the MANGO brand – says Agnieszka Nowak, Director of Galeria Północna.

 MANGO is a popular Spanish clothing brand founded in 1984 in Barcelona. The company manufactures women’s, men’s, and children’s clothing, as well as elegant accessories. The Spanish chain is present in nearly 111 countries all over the world. The Mango store in Galeria Północna will offer fashionable clothing for women. Since 13 February, customers can enjoy the latest spring collection of the brand.


About Galeria Północna

Galeria Północna is the first modern shopping center of the fourth generation in the northern part of Warsaw and the first large shopping mall available in the capital for more than a decade. With a retail space of ​​over 64,000 sq m. the investment is located at Światowida 17 Street. The investor and manager of Galeria Północna is GTC Group, the venue was opened on September 14, 2017. According to the estimates of the GTC Group, in the close surroundings of Galeria Północna live around 750,000 inhabitants, mainly young people and families with children. The specificity of these groups has been included not only in the commercial offer of Galeria Północna but also in the building design and its entertainment bid. Made by the studios APA Wojciechowski and Tzur Architects, includes also special arrangement of the roof space, enabling active recreation among greenery. The facility also meets the highest environmental standards, which confirms the LEED Gold certification. Galeria Północna guarantees a commercial, entertainment and service offer inaccessible in the north-eastern part of Warsaw before. The area is filled with more than 200 stores, boutiques and point-of-sales of well-known native and global brands, food court, 11-screen Cinema City, Fikołki Playground, Calypso fitness club and 2,300 parking spaces. The commercial offer od Galeria Północna includes among others the first Hamleys store in Poland, LPP group brands, Forever 21, TK Maxx, H & M, Martes Sport, EURO RTV / AGD, CCC, Carrefour with a full-size hypermarket, Bierhalle and the Enel-Med medical center.

More information available at:

GTC obtains building permit for The Twist – Budapest City Tower

  • The Twist – Budapest City Tower, GTC’s premium office tower in Budapest, received a building permit;
  • The Twist will be the tallest building in Budapest providing highest quality office space in the new central office district in Budapest;
  • Total leasable area of the building will amount to 37,000 sq. m.

Right after completion of the GTC White House office project in Budapest, GTC is preparing to build another office landmark in the Hungarian capital – The Twist – Budapest City Tower. The new project is located in the 13th district in Budapest, which is rapidly becoming the new business quarter of the capital.

“GTC is taking advantage of the high demand for modern office space in Budapest and we are proud to be one of the leading developers bringing new high class office space to the market. The Twist with its brilliant architecture on its very unique location will certainly become a landmark building on the business map of Budapest, the construction permit for it is an important milestone of our operations in Hungary” – added Thomas Kurzmann, GTC’s CEO.

The Twist – Budapest City Tower will be a 23 floor tower of 37,000 sq. m GLA, perfectly located with direct access to the Subway. The project will be the most spectacular office buildings in town. It features unique architecture making the building literally to “twist” up to the sky. – Fantastic views over the City, super high office quality with all features of a top class green building will serve the future tenants needs.

GTC_City Tower Budapest_render 04

GTC with almost EUR 400 m of financing and refinancing in the first half of 2017

  • Refinancing of existing project loans of EUR 221.5 m
  • New construction loans of EUR 96 m
  • Euro denominated bonds of EUR 68.5 m

It took GTC, a leading CEE real estate investor and developer, only the first 6 months of 2017 to refinance and conclude loans for almost EUR 400 m through euro bonds offering, project loans and construction loans.

The concluded loan agreements for financing and refinancing of the company’s 8 projects amounted to more than EUR 300 m. Among this year’s deals, GTC signed a binding term sheet with Banca Intesa Beograd, VUB and PBZ for EUR 64 m for the financing of Ada Mall in Belgrade and a construction loan for GTC White House in Budapest for EUR 26 m with Raiffeisen Bank. Among largest refinancing deals, GTC has agreed the facility for City Gate for EUR 84 m with Erste Bank, the facility for Korona Office Complex for EUR 46 m with BZWBK and facility for Avenue Mall Zagreb  for EUR 50 m.

What’s more, only in June 2017, GTC completed a EUR 40 m prospectus-exempt public offering of 3-year euro denominated bonds to be listed on Catalyst, which adds up to approximately EUR 70 m since the beginning of the year and is used amongst other to replace more expensive debt.

“We did not say the last word yet. Thanks to the expansion of the company’s operations and development we continue to secure long term financing through new bonds, financing and refinancing activity. We continue to take advantage of the current low interest levels to significantly improve the costs of our debt, while optimizing the leverage ratio.”– commented Erez Boniel, GTC’s CFO.

BlackRock to move into GTC White House

  • BlackRock will initially lease 3,500 sq. m with GTC White House with an option to extend the lease to 7,700 sq. m
  • GTC White House, a modern class A office building, is currently being developed by GTC in Budapest, Hungary
  • Total leasable area of the building is 21,500 sq. m

BlackRock, the world’s largest asset manager, have signed a lease for 3,500 sq. m at GTC White House, an office building presently being developed by GTC Hungary and due for completion in Q1 2018. The agreement was concluded with an option to extend the office area up to 7,700 sq. m, starting in April 2018.

BlackRock has opened an innovation and technology center in Budapest and the company found itself in an immediate need for high-quality office space. GTC Hungary has come to the aid offering a flexible solution and providing an interim office space at Duna Tower in four phases reaching 3,500 sq. m by Q3 2017. GTC Hungary acquired Duna Tower in November 2015 and carried out a complete refurbishment, including all common areas and the technical equipment.

We were extremely thorough while selecting our Budapest office as we wanted it to reflect the innovative culture of the company. GTC White House ticked all the key boxes for us including location, building infrastructure and amenities, as well as capacity to accommodate future growth. We were not only looking for an office building but also wanted to establish a long-term partnership with GTC Hungary as the developer and landlord”, commented Melanie Seymour, Managing Director and Head of BlackRock Budapest.

GTC White House is a modern A-class office building offering 21,500 sq. m GLA. The state-of-the-art project features exhilarating, uplifting green architecture, including an entirely refurbished turn-of-the-century stand-alone loft of 2,000 sq. m.  GTC White House is scheduled for delivery in Q1 2018.

“‘I am delighted that BlackRock have chosen Hungary and GTC White House as a permanent home for their Innovation and Technology Centre in Budapest. This is a major step forward for GTC in Hungary and compliments our development strategy in the region. GTC Hungary are offering BlackRock the utmost flexibility in their office occupation in a truly wonderful property and we are proud to be a part of their success”, added Robert Snow, Managing Director GTC Hungary.

“Cushman & Wakefield is very proud to have represented BlackRock in this significant office transaction and we look forward to our continued cooperation”, added Gergely Pados, Managing Partner Cushman & Wakefield Hungary.


BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients.  At March 31, 2017, BlackRock’s AUM was $5.4 trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles.  BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®.  As of March 31, 2017, the firm had approximately 13,000 employees in more than 30 countries and a major presence in global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company’s website at


GTC White House in Budapest is a class A office building with a total leasable area of 21 500 sq. m and 299 underground parking places. The modern project features exhilarating, uplifting green architecture including an entirely refurbished turn-of-the-century stand-alone loft of 2,000 sq. m and a green roof. GTC White House is being built to a LEED Gold standard and will be delivered in Q1 2018.


The GTC Group is a leading real estate investor and developer focusing on Poland and three capital cities in Eastern Europe. Since 1994 GTC has developed 65 high standard, modern office and retail properties with a total area of over 1.1 million sq. m through Eastern Europe.

GTC now actively manages a commercial real estate portfolio of 35 commercial buildings providing nearly 550,000 sq. m of lettable office and retail space in Poland, Budapest, Bucharest, Belgrade and Zagreb. In addition, GTC has a development pipeline of more than 300,000 sq. m retail and office properties in capital cities of Eastern Europe, thereof 128,000 sq. m under construction.

GTC has implemented a dividend policy with a pay-out ratio of 65% of its FFO.

GTC S.A. is listed on the Warsaw Stock Exchange and included in the WIG30 index and inward listed on the Johannesburg Stock Exchange. The company’s shares are also included in the Dow Jones STOXX Eastern Europe 300 Index.

GTC Hungary is a subsidiary of GTC responsible for all its operations in Hungary. It was established in 2000 and since then has developed 85,900 sq. m of A-class office space in Budapest. Today, GTC Hungary manages the office space totaling 117,200 sq. m in four projects: Centerpoint, Spiral, GTC Metro and Duna Tower, and is developing two state-of-the art office projects: GTC White House and City Tower, which will enlarge its high quality office portfolio by another 64,000 sq. m.


GTC with a binding term sheet for the financing of Ada Mall

  • GTC signed a binding term sheet with Banca Intesa Beograd, VUB and PBZ for EUR 64 million for the financing of Ada Mall in Belgrade
  • Ada Mall will offer 34,400 sq. m of modern, well designed retail space
  • The project is scheduled for completion in Q4 2018

GTC S.A. has signed a binding term sheet for the financing of construction of Ada Mall, its first retail investment in Belgrade. The agreement concluded with Banca Intesa Beograd, VUB and PBZ, all banks of Intesa Sanpaolo group, one of the top banking groups in Europe, amounts to EUR 64 million.

Ada Mall will offer 34,400 sq. m of state-of-the-art retail space designed and built according to the highest international standards.

“With our first retail investment in Serbia, we wanted to create something extraordinary and leave a permanent mark on the city’s landscape. That is why Ada Mall was designed to provide its visitors with a unique Belgradian shopping experience” – said Thomas Kurzmann, GTC’s CEO.

This first class shopping center will be located in Cukarica, directly opposite Ada Ciganlija – a popular recreational area. Apart from the state-of-the-art design concept and an attractive offer with over 100 shops and brands, Ada Mall will also provide entertainment and relaxation zones, like a panoramic roof garden with a view of the lake.

We are very pleased to be the main financial partner of this project in cooperation with subsidiaries of our parent group Intesa Sanpaolo, thereby supporting the completion of one more significant foreign investment in Serbia that will help create jobs while also providing new content for citizens. We are confident that in this way we will also contribute to the further recovery of the domestic construction industry given that investments of this scope always have wider effects, engaging a large number of local firmssaid Draginja Djuric, President of Banca Intesa Executive Board.

GTC received the final building permit for Ada Mall in mid-February 2017 and started the construction on 6 March 2017, whereas the opening of the mall will take place in autumn 2018.