GTC’s green oasis is in full bloom on the shore of Ada lake

  • The first GTC shopping centre in Serbia has been opened
  • Ada Mall offers over 34,400 sq. m of state-of-the-art retail space
  • The construction of Ada Mall started in March 2017

GTC Serbia, a subsidiary of Globe Trade Centre SA (GTC) the leading developer in Central and Eastern Europe, opened Ada Mall – its first shopping center in Belgrade, Serbia. It is the only latest-generation shopping center in the Serbian capital and covers an area of over 34,000 sq. m. This extraordinary shopping mall was designed to provide its visitors with a unique Belgradian shopping experience.

GTC started construction of Ada Mall in March 2017 on Radnička street in Belgrade, opposite Ada Ciganlija – a popular recreational area. Ada Mall is not a traditional mall of rectangular box-like shape. It is a genuine green oasis in accordance with the environment, particularly with Ada Lake, following the configuration of the terrain and has a lot of lush vegetation.

Ada Mall will be a host for a number of prestigious global brands, many of which will be found for the first time in Belgrade. Boutiques are placed on the first three of five floors, other two feature bars, restaurants, and additional multi-purpose facilities. The shopping center has three levels of underground parking with about 1,000 parking spaces connected into one unit.

GTC’s debut in this sector in Serbia coincides with the period of fantastic economic circumstances. The Serbian retail market continues a positive trend as strong consumption momentum owes to real wage growth (mid-single digits) and positive labor market developments.

Before Ada Mall was completed, I knew that for GTC this will be one of the most important investments ever. Today when we can already see the product of our hard work, it is obvious that this project changes the city’s landscape and fits into it perfectly. Finally we can say it out loud – with the launch of the outstanding Ada Mall, GTC now officially inaugurates a new era on the Serbian retail market” – commented Thomas Kurzman, GTC’s CEO.

Inspired by the natural surroundings such as the river and the lake, Ada Mall brings a large number of various plants, natural materials and a unique design that will provide plenty of natural light for those who will enjoy its enclosed area as well as three magnificent terraces offering unforgettable views of Ada Ciganlija. In addition, Ada Mall also contributes to the highest standards of green construction as well as meeting the highest energy standards.

“We put great effort into creating a retail and leisure destination that is different – in line with the demand of the modern shopper who is not only looking for the latest fashion but also to enjoy their time whilst doing so. I am convinced that with the wide malls, plenty of natural light and green terraces offering amazing views, we have achieved this. The fact that we were able to attract numerous new brands such as The Body Shop, Kiehl’s, Mohito and others to Belgrade for the first time further support this” – commented Pedja Petronijević, Managing Director of GTC Serbia.

GTC invests actively in the shopping center sector in the region. Currently, GTC owns and successfully manages five uniquely positioned shopping malls offering over 215,000 sq. m. of retail space in Poland and capital cities of the CEE region.

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Well delivered operating performance and cash accumulation secures further growth


  • In-place rent increased by 15% to €131m (114m as of 31 March 2018)
  • Gross margin from rental activity up by 10% to €30m (€27 in Q1 2018)
  • FFO I increased 16% to €18m (€15m in Q1 2018), FFO per share at €0.04
  • Operating profit: 12% increase in profit before tax and fair value adjustments to €18m (€16m in Q1 2018)
  • Profit after tax of €20m (€24m in Q1 2018), earnings per share of €0.04
  • EPRA NAV up by 2% to €1,192m as of 31 March 2019 (€1,170 as of 31 December 2018), EPRA NAV per share at €2.47 (PLN 10.62)
  • Solid financial metrics
    • LTV at 45% (45% as of 31 December 2018)
    • WAIR at historic low of 2.6% (2.7% as of 31 December 2018)


  • Occupancy up to 95% (94% as of 31 December 2018, 93% as of 31 March 2018)
    • The highest since end of 2009
    • 45,600 sq m of newly leased or released space (34% more than in Q1 2018)
  • Construction of 7 office and one retail properties (113,200 sq m) commenced in 2018 and will be completed in 2019-2020. One more project to commence in Q2 2019. Upon completion and stabilization they shall increase the in-place rent by almost €31m
  • Another 6 properties may commence construction during 2019-2020

While delivering operational and financial results according to plan, the most exciting events with significant impact on GTC’s performance are about to happen in the following quarters: opening of Ada Mall in Belgrade still this month and completion of four additional class A office buildings during summer and autumn will further boost our results. – commented Thomas Kurzmann, CEO. Strong demand for modern high class office space is the key driver for moving ahead with our new developments and preparing them for the start of construction process to secure further growth of the Company.  – added Thomas Kurzmann.

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Green-hearted Nordeus opens its studio in GTC’s newest office investment

  • The first new building of GTC Green Heart complex is officially opened
  • Nordeus moved into N2 building leasing 6,000 sq. m
  • Green Heart is a complex of five buildings providing 46,000 sq. m in total

Nordeus, independent mobile gaming company based in Belgrade, chose Green Heart to create their unique new studio. To accommodate a team of 170 people, the creator of competitive games leased 6,000 sq. m across seven floors with three additional underground levels for parking. On top of that, in line with the company’s growth strategy, Nordeus was granted a possibility to welcome another 80 new employees in Green Heart.

Green Heart is an office project located on the corner of Milutin Milanković Boulevard and Boulevard of Art, in New Belgrade, Serbia. It includes revitalization of two existing buildings (GTC Square) and construction of three new ones, creating the campus style office park. The whole complex will provide 46,000 sq. m and is aimed to function as a green oasis as it provides high-tech space embedded in a green eco-friendly environment.

The area leased by Nordeus was designed to create an innovative space, supporting creative freedom, productivity, and collaboration. To offer ideal conditions for the diverse talents from 22 countries, the building provides 52 offices, 18 meeting rooms, an auditorium for over 200 people, as well as additional areas dedicated to collaborative and creative work, such as brainstorming spaces on each floor, break-out rooms, audio and video production studios, a library, and study rooms. Additional facilities allowing to maintain a perfect balance between productive work and regenerating break include a large restaurant, sports bar, gaming room, and a wellness area with showers. On top of that, there is a separate play area for children and the building is fully wheelchair friendly.

“Completion of the refurbishment of the two buildings as well as development of another two newly designed buildings in Green Heart project was one of the key highlights of our development activity in 2018. Nordeus moving into one of the most modern office building in Belgrade will definitely be a milestone for GTC but also for Belgrade’s office market in 2019. We are very satisfied with this cooperation as our long-term goal is to invest in such projects – which inspire innovative and passionate companies to succeed. Thanks to the hard work of our team, each square meter of the building is at the moment tailored to suit individual needs of the tenant and we believe that our space will enable Nordeus to thrive and create games that can compete globally” – commented Pedja Petronijević, GTC’s Coutry Manager for Serbia.

The building is made up of large glass windows allowing the green courtyard to be enjoyed from each of the long terraces. The facility is distinguished by highly efficient and energy-saving solutions, including smart lighting and air conditioning in all office spaces that adjust to individual requirements. There are also solar panels installed on the roof delivering energy saving measures for the building. Additionally, each floor offers recycling points in accordance with the sustainable approach of Nordeus.

“When we started the Nordeus story in a small windowless office in Konjarnik nearly 10 years ago, the only thing we wanted was to make games with great people. When I entered our new home in Green Heart, I felt proud of all those great people because we achieved so much more than we initially planned. It is as if we closed a beautiful chapter and opened a new one, an even more exciting one” – commented Branko Milutinović, CEO of Nordeus.

The modern office park consists of two four-story and three seven-story buildings. Other companies to move to the Green Heart in the future mostly represent IT and pharmaceutical sectors and include Consulteer, ICL, Manpower, MTS, Nutanix, Servier, and Takeda.

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