Development contributes to FFO upswing


  • In-place rent increased 14% to €142m (€125m as of 30 June 2018)
  • Gross margin from rental activity up by 13% to €61m (€54 in H1 2018)
  • FFO I increased 28% to €37m (€29m in H1 2018), FFO per share at €0.08
  • Operating profit: 17% increase in profit before tax and fair value adjustments to €37m (€32m in H1 2018)
  • Profit after tax of €43m (€46m in H1 2018), earnings per share of €0.09
  • EPRA NAV up by 1% to €1,179m (after dividend) as of 30 June 2019 (€1,170 as of 31 December 2018),
    EPRA NAV per share at €2.44 (PLN 10.37)
  • Solid financial metrics
    • LTV at 46% (45% as of 31 December 2018)
    • WAIR at historic low of 2.6% (2.7% as of 31 December 2018)
  • Dividend of PLN 0.37/share paid; dividend yield of 4.3%
    • €38m distributed in the form of cash dividend
    • Issue of 2,018,126 Series N shares


  • High occupancy at 94% (93% as of 30 June 2018)
    • 81,100 sq m of newly leased or released space
  • Completion of three properties:
    • Ada Mall, a 34,200 sq m shopping mall in Belgrade
    • Green Heart N2, a 6,100 sq m office building in Belgrade
    • ABC I, a 15,800 sq m office building in Sofia
  • Commencement of construction of Pillar, a 29,000 sq m office building in Budapest
  • 6 office properties under construction. Upon completion and stabilization, they shall increase the in-place rent by almost €16.7m

“Robust development activity was the driving force for our growth in the first half of 2019. The delivery of Ada Mall with 34,200 sq. m GLA prime retail in Belgrade was the pinnacle of the discussed period. Completions of office buildings combined with very high occupancy contributed to 28% increase in FFO and improved operating results.” – commented Thomas Kurzmann, GTC’s CEO.

“With 86,600 sq. m GLA of office space under construction, and 23,800 sq. m GLA to be delivered this year, GTC’s growth is set to continue” – added GTC’s CEO.

2019_H1_GTC_Financial Results_Press release

Galeria Jurajska proves its ecological excellence

  • GTC’s Galeria Jurajska was granted BREEAM certificate at the “Excellent” level
  • The shopping mall is a landmark retail project in the Częstochowa’s region comprising 48,700 sq. m
  • The facility is nearly 100% leased, which is a rare result on the Silesian market
  • Galeria Jurajska continues to record growing turnover – 7% on average in H1 2019

Galeria Jurajska is a key asset in GTC’s international portfolio. Thanks to the growing turnover and rising footfall, the first half of 2019 marked one of the most successful periods in the 10-year history of the mall standing at the banks of the Warta river. The facility confirms also its ecological fitness as it obtained BREEAM In-Use certificate at “Excellent” level in both “Asset Performance” and “Building Management” categories.

Despite the Sunday trade ban, Galeria Jurajska outperforms the market. First six months of this year brought a constant streak of success. June ended with a record of 10% increase in turnover and the mall was visited by 3,4 million people from January to June. The shopping center can boast of a large group of loyal clients, who are so attached to its offers that they visit it several times a month. Moreover, Częstochowa’s landmark building is continually increasing its range and acquires new customers – even those living outside of Silesia Province.

What makes Jurajska thrive is, on the one hand, more and more attractive retail offer with as many as 200 stores in the mall today. Most importantly, however, it is also a result of the development of entertainment and gastronomic zones. The last 3 years have brought a true investment boom, comprising enlargement of “Bajkowy Labirynt” entertainment center for kids, multiple new restaurants, relaxation zones with three aquariums, and the opening of “Bulwary Jurajskie” – the city garden at the Warta’s boulevard with walking avenues, playgrounds, beach volleyball courts, and a fountain.

On top of that, the investments included eco-modernization of the mall – making it more environment-friendly and eventually earning Galeria Jurajska the BREEAM In-Use certificate. The experts carrying out the assessment appreciated among others the reduced energy consumption achieved through the installation of energy-saving lighting and efficient air handling systems.

It is our eighth building in Poland certified in the BREEAM system this year and one that makes us especially proud. Ecology has become such a broad, comprehensive area today – it is not only about sustainable technology and materials, but also about creating a place that is friendly and good for the wellbeing of our visitors. We seek to live up to the nowadays standards and that is why we took on a holistic approach working hard to make Jurajska offer much more than just a shopping experience. It is now a meeting place, satisfying various consumer’s needs” – commented Roman Bugajczyk, Head of Retail at GTC.

Galeria Jurajska attracts many prestigious tenants and only at the beginning of the second quarter of 2019, as many as 14 brands decided to extend their expiring lease agreements. The mall houses stores of such brands as among others LPP Group (Reserved, Cropp, Home & You, House, Mohito, Sinsay), Inditex group (Zara, Bershka, Stradivarius, Massimo Dutti), TK Maxx, C&A, RTV Euro AGD, Intersport, Empik, H&M, New Yorker, Smyk , Rossmann, Sephora, Super Pharm, Biedronka, Douglas, Carry, TruTrussardi, Apart and many more.

Despite ecological certificate, Galeria Jurajska is also recognized by the industry as it got the final of the prestigious ICSC Solal Marketing Awards, awarded annually by the International Council of Shopping Centers (ICSC). The shopping center was nominated for the grand opening of the “Bulwary Jurajskie” in 2018.