Grzegorz Strutyński joins GTC as Country Manager responsible for operations in Poland

GTC has appointed Grzegorz Strutyński to the position of Country Manager, Poland. He will be responsible for all activities taken by the Company in Poland.

Grzegorz Strutyński has led an outstanding career in senior management positions for major international real estate companies. Prior to joining GTC, Mr. Strutyński held the position of Commercial Director Poland for Globalworth, being responsible for leasing, asset management, marketing and project management.  Before that, and for five years, he held the position of Commercial Director and Member of the Board of HB Reavis Poland, managing the leasing, marketing and other commercial functions as well as closely cooperating with acquisition and design development teams on new projects and disposals of office buildings. Mr. Strutyński has also 9 years of an extensive experience with Skanska in Warsaw and Budapest at a senior management level.

„I’m joining GTC in a very challenging time of global pandemic which affected almost every part of our lives. I want to use my knowledge and years of experience to support GTC in the normalization process and lead it to the further success.” – said Grzegorz Strutyński, Country Manager Poland at GTC.

Robert Snow, member of the Management Board of GTC S.A., welcomed Grzegorz Strutyński to the company with an address of the importance of GTC’s ongoing development in Poland which requires experienced leadership and skills thus the appointment of Mr. Strutyński is good news all round.

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Retail results impacted by COVID-19 outbreak. Offices resilient. Solid collection

H1 2020 FINANCIAL HIGHLIGHTS

  • Gross margin from rental activity at €59m (€61m in H1 2019)
  • Occupancy at 94% (95% December 2019)
  • FFO I decreased 11% to €33m (€37m in H1 2019), FFO per share at €0.07
  • Operating profit: profit before tax and fair value adjustments of €32m in H1 2020 (€37m in H1 2019)
  • Loss after tax of €34m, loss per share of €0.07
  • EPRA NAV decreased by 3% to €1,161m as at 30 June 2020, EPRA NAV per share at €2.39 (PLN 10.67 at EUR/PLN 4.466)
  • Solid financial metrics
    • LTV at 46% (44% as of 31 December 2019)
    • WAIR at 2.6% (2.6% as of 31 December 2019)
  • Cash and cash equivalents amounted to €142m as of 30 June 2020

 

H1 2020 PORTFOLIO HIGHLIGHTS

  • OFFICE: SHOWS RESILIENT
    • Occupancy remained strong at 95%
    • No collection problem
    • 57,500 sq m under construction on time and budget
    • Spiral office building under sale negotiations with the value uplift of €10m
  • RETAIL: MOMENTUM CONTINUES TOWARDS PRE-COVID-19 LEVELS
    • Occupancy remained strong on 92%
    • Consumers gain confidence in the public health measures that have been taken
    • Footfall at 72% in the last week of July vs the same week in 2019
    • July sales on average at 86% vs last year
    • Sales are down less than footfall: Higher conversion and average basket
    • Collection rate at 91% in H1 2020

 

“As restrictive measures on our markets eased, we have greater clarity on the consequences of the pandemic on our business. We completed renegotiations with majority of our retail tenants affected by the COVID-19-crisis and granted tenant concessions which impacted our gross margin by EUR 8 million in the first half. However, the collection of the retail rent was solid and stood at 91% in that period. We see momentum continuing towards pre-covid-19 levels with footfall gradually returning and malls’ turnovers picking up. On the office side as an operator of well-connected CBD locations, we expect the losses caused by the COVID-19-pandemic to be minor and short-term. We continue our development portfolio encouraged by the strong interest in the office space in the CEE region.” commented Yovav Carmi, GTC’s Management Board Member.

 

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