GTC is setting office trends in Belgrade

  • GTC has refinanced Green Heart – a modern A-class office center in Belgrade with a new construction and Investment loan
  • 21,000 sq m is being fully renovated and 25,000 sq m are under construction
  • Total leasable area of 46,000 sq. m is already 42% preleased
  • GTC Serbia was ranked as the leader in four categories in CIJ Awards Serbia

GTC has signed a EUR 60 million refinancing and investment loan with Raiffeisen Bank International AG for the refinancing of Green Heart, its new office project in Serbia. The office park has already reached a prelease level of 42%. As an acknowledgment of the company’s success in Belgrade, GTC was ranked as number one market leader in four prominent categories during this year’s CIJ Awards Serbia Gala.

Green Heart business complex is an extraordinary project with unique architecture that promotes friendly environmental solutions. It will consist of 46,000 sq. m located in Milutina Milankovića in New Belgrade.

“Green Heart is an amazing project that creates high tech office space embedded in a green eco-friendly environment. The upgrade of two existing buildings and the construction of three new ones will create a green oasis. Very positive feedback and leasing commitment from tenant’s proofs that the market in Belgrade is ready for innovative office solutions” commented Pedja Petronijević, Managing Director GTC Serbia.

On 5th December 2017, at the prestigious CIJ Awards Serbia GTC was recognized in 4 categories. The company received titles of “Best Office Development and Developer of the Year – GTC and GTC FortyOne”, “Leading Green Building of the Year – GTC FortyOne”, “Best Investment Transaction of the Year – GTC Belgrade Business Center”. What’s more Pedja Petronijevic, Managing Director GTC Serbia, was presented with “Best Leadership of the Year” award.


GTC_CIJ Awards Serbia

GTC with EUR 46.5m of refinancing for Korona Office Complex

  • GTC signed a refinancing loan agreement for EUR 46.5m with BZ WBK for Korona Office Complex – four A class office buildings complex in Cracow
  • In 2017 the complex underwent a major modernization of interiors and the area around the buildings

GTC S.A. signed EUR 46.5m new loan agreement with BZ WBK for refinancing of Korona Office Complex. The complex offers about 36,800 sq. m GLA and is at the moment one of the most state-of-the-art facilities in Kraków.

The new loan improves significantly the financing conditions and the debt maturity profile. Korona Office Complex was constructed in 2003-2014 and underwent significant refurbishment in 2017. It currently accommodates several Polish and international companies from IT, finance, BPO, consulting and other sectors. Total office space amounts to about 36,800 sq. m GLA and each building is of a high quality standard.

Signing this loan agreement proves the high quality of the Korona complex and certifies the financial solidity of GTC. We are glad to receive the new loan at attractive conditions, which enabled us to raise free cash, yet grow the FFO and improved the FFO yield that we generate. Such refinancing activity is one of our key success factors in capital recycling and growth funding” said Erez Boniel, GTC’s CFO.

The complex provides intimate atmosphere and functionality with the fully fitted open space. Its excellent location in the very city center enables quick and easy connection to the city centre of Kraków, railway station, Balice Airport, as well as 15 minutes to A4 expressway entrance. Thanks to the revitalization of the complex in 2017, Korona Office Complex now offers unique service points, such as salt cave, gym, and a fully-equipped conference room for the exclusive use of tenants, which makes it one of the most modern locations in Kraków.

Korona Office Complex has a prominent tenant portfolio. In 2016 IBM, GTC’s long-term client, signed a lease extension for the Galileo building for another 5 years and the company now occupies over 16,000 sq. m GLA in the complex. In addition to IBM Business Consulting Services, office tenants include Raiffeisen Bank Polska, Scanrent, Halliburton, State Street, Genpact, Hitachi Vantara, Deloitte, and Arup.

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Galeria Północna granted an investment loan of up to EUR 200m

  • Galeria Północna was officially opened in September 2017 and has attracted renowned tenants including Forever 21, Cinema City, H&M, the LPP Group and many more
  • The refinancing loan agreement signed with Bank Pekao S.A will be granted in the maximum amount of up to EUR 200m
  • Total leasable area of the mall is 64.600 sq. m

GTC’s Polish flagship retail project was officially granted the investment loan facility in the maximum amount of up to EUR 200m. Under the original Agreement, Bank Pekao S.A. granted a construction loan facility of up to EUR 116m.

Galeria Północna was completed on budget and attracted nearly 2 million visitors in the first two months after opening. The refinancing of the mall will provide GTC with substantial cash to accelerate further growth with no need to raise new equity.

“We are pleased to announce this loan refinancing with Bank Pekao S.A., a leading financing partner of GTC,” commented Erez Boniel, GTC’s Chief Financial Officer. “Following the successful completion of Galeria Północna, this new debt facility further strengthens our funding sources and reduces our cost of funds, as we continue to drive growth in Poland and CEE & SEE capital cities, whilst reinforcing higher FFO and improved FFO yields”, he added.

“We appreciate our long-term relationship with GTC S.A. and are pleased to support their growth. This considerable facility demonstrates GTC’s position as leading player on the market. We are proud to be part of this success story”, said Monika Mielecka, Director of Bank Pekao Commercial Real Estate Finance.  

Galeria Północna is the first major modern shopping and entertainment center located in Warsaw’s Białołęka district. The investment was completed within 25 months after obtaining the construction permit.

© Piotr Krajewski