GTC White House turns platinum

  • GTC White House with LEED Platinum certificate;
  • The building offers 21,500 sq. m GLA;
  • The certification process was advised by Colliers International Hungary’s Green Building Advisory Team.

The GTC’s new A-class office building GTC White House has been granted the highest, Platinum Certification level under the LEED for Building Design and Construction rating scheme. The project located on the site of former elevator factory in the Váci út office corridor has now become a second office development with such a prestigious rating in Budapest, Hungary.

GTC White House encompasses 21,500 sq. m of exhilarating, uplifting green architecture including an entirely re­furbished turn-of-the-century stand-alone loft of 2,000 sq. m. The environmentally friendly solutions, efficiency and stunning design are an integral element of the architectural concept of the project. The green roof, reuse of harvested rainwater, efficient insulation, and windows covered with a light-reflecting foil all serve to reduce energy consumption and make a sustainable building in the heart of the city.

“GTC White House is an extra-ordinary project in our portfolio. It is a symbiotic complex that combines great modern architecture with a traditional urban development. On top of that, buildings that has been awarded LEED certification are not only environment-friendly, but their business prestige is also outstanding: out of the 100 largest companies listed by Fortune magazine, 88 operate from green-certified offices” commented Thomas Kurzmann, GTC CEO.

The certification process was advised by Colliers International Hungary’s Green Building Advisory Team.

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Galeria Północna with LEED Gold

The biggest mall and the first one in Warsaw opened in a decade sets an example of green standards. GTC’s Galeria Północna, put into use last year, was awarded Gold LEED certificate. After the first successful year of its operation, the shopping center proves to be a role model in environmental sustainability.

LEED certification provides a framework for creating healthy, highly efficient and cost-saving green buildings. The main aim of this rating system is promotion of environmental protection and ecological solutions, such as saving energy, water and natural resources, generating less waste and supporting human health. Those standards are applied in Galeria Północna, which provides a pleasant shopping experience and brings people together in their leisure time.

One of the major advantages of Galeria Północna is a roof garden which serves as a recreational area with a spacious playground. It is one of the biggest attractions of the mall. It possesses ecological advantages as it contributes to reduction of the urban heat island effect, reducing the energy consumption and providing a CO2 absorbent.

In the certification process, Galeria Północna was also recognized for the water consumption reduction at the level of 45%, two times higher than the standard requires. Among others, this is thanks to the use of rainwater for irrigation and plants adapted to local environment to minimize their watering needs. Moreover, Galeria Północna provides solutions to lower the consumption of electricity. The project uses equipment with high energy efficiency grade.

“Ever since the planning phase of this project, we wanted to create a multifunctional and environmentally friendly place. Currently Galeria Północna is visited monthly by hundreds of thousands of people, especially families with children and youths. LEED certification at Gold level is a proof that the mall provides added value for the local community and this is what truly matters to us. We are glad to set an example of how a big commercial project can be environmentally sustainable and keep in a heart of its interest people and natural environment”commented Agnieszka Nowak, Managing Director of Galeria Północna, GTC.

Integrative design and close cooperation between the Investor, design team, general contractor and LEED consultants made it possible to create one of the biggest shopping malls in Poland with minimized effects on the environment.

“The certificate is the culmination of a four-year process and countless hours of inspiring everyday work of Galeria Północna’s team related to its obtaining, both during planning phase and when the shopping mall was already under construction. Very strict requirements of those standards imposed on us not only the necessity of an ecological design but also an execution of additional analysis, including tracking of material supply routes, analysis of the composition of materials used for construction and all sustainable certificates. A highly complex energy model confirmed the high efficiency of the devices used. We applied devices guaranteeing energy recovery at the level of 90% and introduced solutions aimed at radically reducing the amount of heat emitted” – adds Piotr Kroenke, GTC’s General Director.

Moreover, one of the requirements selected for the project was to limit the amount of generated waste during building’s construction. General constructor was obliged to divert more than 75% of waste from landfill. Thanks to the early inclusion of LEED requirements in the design and provision of clear guidelines for the team, the investment was able to achieve Gold certification under LEED rating system.

“In order to make sure that the design and execution of the project were in compliance with Investor’s requirements LEED commissioning process was implemented. Exemplary cooperation between the design team and LEED commissioning authority contributed to the success of the project.”said Tomasz Augustyniak, CEO of Go4Energy.

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Delivery of increased FFO continues



  • In-place rent went up 15% to €127m
    • 11 quarters of continuous increase, cumulative increase in excess of 60% since Q4 2015
  • Gross margin from rental activity up by 27% to €83m
  • Occupancy kept high at 93%
    • 117,000 sq. m of newly leased space (32,000 sq. m in Q3’18)
  • FFO I increased 37% to €46m
    • 11 quarters of continuous increase, cumulative increase in excess of 60% (annualized)
      since Q4 2015
  • Operating profit: 57% increase in profit before tax and fair value adjustments to €48m
  • Profit after tax at €69m, earnings per share of €0.14
  • EPRA NAV increased 7% to €1,145m as at 30 September 2018, EPRA NAV per share at €2.37m
    • 11 quarters of continuous increase, cumulative increase of 47% since Q4 2015
  • Net LTV at 45%
  • Securing investment loans in the amount of €316 m


  • Acquisition in Budapest designated for development of 35,500 sq. m office building Center Point 3
  • Commencement of construction of 17,900 sq. m office building Advance Business Center II in Sofia
  • Gold LEED Certificate for Galeria Północna
  • Additional anchor tenants in Galeria Północna: Mango and Media Expert
  • Galeria Jurajska 100% leased

GTC is gaining further momentum and delivers strong results quarter by quarter. Our in-place rent increased by 15% triggered by acquisitions and completions of developments supported by our strong leasing teams signing over 117,000 sq. m office and retail lease agreements in the last 9 months.

All our financial indicators are improving over the last years in a row. We achieved over 60% cumulative increase in in-place rent and FFO since Q4 2015 and GTC’s EPRA NAV increased by almost 50% since then – said Thomas Kurzmann, GTC’s CEO. We are looking forward to see completions of several developments with over 84,000 sq. m during 2019 contributing further to solid growth.

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