GTC significantly expands its operation in Romania

Plans to invest 150 mln Euro unveiled.
The company has acquired a 120,000 sq.m. site in Bucharest, which is to be developed into a major shopping center, and an office and residential complex.

On the 16th February GTC, via its subsidiary GTC Romania, acquired a land plot of 12 hectares in a prime location in a northern district of Bucharest, Romania for 15.5 mln Euro. The north of Bucharest is predominantly residential and is the city’s fastest growing area.

Capitalizing on the improved macroeconomic conditions in Romania, and on growth in the purchasing power of its citizens, the company intends to expand its operations in the country significantly, focusing on three sectors: office buildings, retail centers and residential developments.

“We anticipate that our scale of activity in Romania will become as important, and hopefully as successful, as in Poland. Anticipating Romania’s accession to the EU in 2007 we plan to increase our portfolio to 250,000 sqm in the coming years,” says Piotr Kroenke, GTC’s General Manager.

The planned shopping center in Bucharest will be of the same quality and style as GTC’s existing centers, Galeria Mokotów and Galeria Kazimierz, but will offer more retail space than either of the projects; it will be one of the largest retail centers in the region.
After successfully completing its first office building, Europe House, which was sold to Europolis 2 years ago, GTC is currently developing its second office project, America House, the largest office development in Romania. The building is situated in the heart of Bucharest’s Piaza Victoria, opposite the Romanian Prime Minister’s residence. Completion is scheduled for the first quarter of 2006. When finished, the building will provide 26,000 sqm of high quality office space.

IBM Business Consulting Services leases offices in Galileo

IBM’s business consulting unit has rented office space of 4,300 sq. m. in the Galileo building in Kraków.

Galileo is the first of four buildings in the GTC Office Centre in Kraków, which is located at the junction of al. Armii Krajowej and ul.Przybyszewskiego.

Upon completion, total leasable area in the business park will amount to 35,000 sq. m.
With IBM taking 4,300 sq. m. of office space for a period of 5 years, 85 % of Galileo’s commercial area is now leased.
IBM is a world-class leader in the creation and development of cutting-edge computer technology, such as in: operating systems, software and hardware, along with other types of microelectronics solutions. IBM Business Consulting Services provides expertise in CRM and financial management, in the fields of logistics, HR management, strategic consulting, modern technologies and business outsourcing.

“The lease agreement with IBM Business Consulting Services is the largest office transaction to be concluded in Kraków in recent years. We have made an outstanding effort to attract such renowned tenants to our building, and we hope that this is the beginning of long-term co-operation between IBM and GTC,” comments Erez Boniel, a member of GTC’s Management Board.

IBM was also granted an option to lease space in the second building of the complex, on which work is planned to get underway later this year.
The GTC Office Centre is conveniently located between the city centre and Kraków’s International Airport, which is next to the university campus.

“We are very glad that such a prestigious company as IBM has become our partner,” says Katarzyna Szewczuk, the Marketing and Sales Manager at Globe Trade Centre S.A. adding“We believe that it is the beginning of long-term cooperation between IBM and GTC.”

Galileo, an A-class, 11-storey office building, with 10,000 sq. m. of space, features 3 meter high floors. It offers both underground and above ground car parking for 100 and 150 cars respectively. Some of Poland’s leading companies, as well as international businesses, have found Galileo to be an attractive office location. Key tenants in the building include Raiffeisen Bank Polska, which has established its regional headquarters there, KPMG, Lotos Group and Cetelem.