Acquisitions driven growth


  • Gross margin from rental activity at €93m in 9M 2021 (€91m in 9M 2020)
  • Adjusted EBITDA at €83m in 9M 2021 (€82m in 9M 2020)
  • FFO at €52[1]m in 9M 2021 (€54m in 9M 2020), FFO per share at €0.11
  • EPRA NAV at €1,149m as of 30 September 2021, EPRA NAV per share at €2.37 (PLN 10.96)
  • Investment of €339m into acquisition of income generating assets and landbank for future development

Occupancy at 91% as of 30 September 2021 (91% as of 31 December 2020)


  • Repayment of loans from €500m green bonds completed (9 loans repaid with a total of €452m)
  • Unsecured debt at 50% and unencumbered properties up to 45% (9% as of 31 December 2020)
  • WAIR at historical low of 2.14%[2] (2.3% as of 31 December 2020)
  • We have been recognized for our ESG affords:
    • 2021 EPRA Sustainability Best Practices Recommendations Silver Award
    • Sustainable Development Competition: GTC’s ESG report received a distinction for the best debut

“The acquisitions that we conducted over the 2021 allowed to recognize approx. €7 million of additional gross margin, which more than compensated the negative impact from COVID-19 and sale of Spiral. The results after the three quarters of 2021 are showing an upward trend with all the main parameters above the comparable for 2020. Leasing activity is not as strong as in pre-COVID times however we have been able to keep our occupancy at the 91% level. We see retail tenants expanding in all our markets and shopping malls. Our malls, especially in Poland and Serbia, are reviving after each lockdown and showing the turnover results better than even in 2019. In terms of office tenants, they tend to stay in their current locations and not looking for new office space, which works in our favor. Towards the end of the year, we still have a capital increase in front of us. We have identified income generating assets that we want to invest in. We would like to deploy the new funds coming into the Company to grow the business further” – commented Yovav Carmi, GTC’s President of the Management Board.

“We completed the repayment of loans from the green Eurobonds we issued in June 2021. We refinanced 9 loans for a total of €452 million. As we said earlier this year our goal is to be predominantly funded with unsecured debt and to be able to meet this goal we will tap the bonds market again at latest at the beginning of 2022” – commented Ariel Ferstman, GTC’s CFO and Member of the Management Board.

[1] The 9M 2021 FFO calculation includes the accrued interest under bonds (€5.3m).

[2] Excludes loans related to assets held for sale.

Ede Gulyás promoted to the Country Manager of GTC Hungary

Globe Trade Centre promoted Ede Gulyás to the position of County Manager, Hungary. He will take over the operations of GTC in the local market end-to-end, following the resignation of Robert Snow, a former member of the Management Board and Country Manager in Hungary.

GTC’s new Country Manager, Ede Gulyás, has over 20 years of experience in real estate, having served 10 years at top managerial positions of multiple development and investment companies with class ‘A’ office-and retail buildings.

In his new position, Gulyás is replacing Robert Snow, GTC’s emblematic leader since the start of the company over two decades ago.

 “I would like to thank Robert Snow for over 20 remarkable years that he dedicated to our company. As a property developer, investor, and employer, GTC has become a leading market player, and Robert Snow has shared a significant part of it. I wish Robert many peaceful years ahead with his loved ones as he retires. Ede Gulyás appointment recognizes his management skills and in-depth sector knowledge. I am confident that with a thorough knowledge of the local market and GTC’s portfolio, Ede will strengthen our operations in Hungary.” – said Yovav Carmi, CEO and President of the GTC Management Board.

Prior to joining GTC, Ede Gulyás led CA Immo Hungary Kft. as a Managing Director, overseeing the company’s successful merger with Europolis. Previously, he managed a EUR 500-million+ commercial real-estate portfolio of more than 10 A-class office, retail and industrial properties with approx. 200 tenants.

 “I am looking forward to steering GTC Hungary towards new milestones in the local market. I am eager to leverage our local strategy of managing standing investments with a focus on occupancy and rental income improvement as well as implementation of tenant focused and sustainable solutions” – commented Ede Gulyás, Country Manager of GTC Hungary.

Ede holds of an MBA in Business and Managerial Economics from Budapest’s University of Technology and Economics and a master’s degree from the University of Debrecen. Besides his native Hungarian, he is fluent in English and German.