Terms of purchase of four new investments have been agreed. New land acquisitions will increase GTC’s portfolio of completed property and projects under development to 1.7m sqm of net office, retail and residential space
In June, GTC agreed the terms of acquisition for two residential projects in Łódź and Budapest, and two mixed-use retail and office developments in Belgrade. The four projects will increase GTC’s portfolio by 200,000 sqm of net building rights.
Globe Trade Centre S.A. (GTC) accelerated the pace of new investments in June.
In Poland, GTC signed a preliminary agreement to acquire a 4.7- hectare site in a central location in Łódź. Upon completion of the acquisition, GTC is going to develop an upper-middle-class residential complex of about 1000 apartments.
In Budapest, GTC Hungary has agreed the terms of acquisition of a 6-hectare site in a prominent residential district. The site can accommodate development of about 60,000 sqm of residential space, targeting a upper-middle-class income owners .
GTC further expanded its commercial property pipeline in Belgrade. GTC Serbia has signed two memorandums of understanding for purchase of two separate sites.
The total area of both sites combined is 3.25 hectare. GTC is planning to develop there mixed-use projects that will include overall 29,000sqm of NRA retail space and 25,000sqm NRA office space. Both sites are situated in attractive locations, easily accessible by car and public transportation. The larger site, that will be a predominantly retail development, backs onto a dense residential area with high income per capita and with no significant retail developments located in the vicinity.
The total cost of acquisition of the four sites is estimated at about EUR 75m , while the total development cost (including cost of land) of those projects amounts to EUR 290m.
Upon completion of those four transactions, GTC’s portfolio of completed property and projects under development will increase to 1.7 million sqm of net office, retail and residential space.