EBRD will take a 10% stake in GTC Ukraine.
Over 60% of apartments in Park Apartments in Belgrade have been sold.

On 18 October 2006, Globe Trade Centre S.A. (GTC) and the European Bank
for Reconstruction and Development (EBRD)
signed an agreement under which EBRD will acquire 10% of the share capital of GTC Real Estate Investments Ukraine B.V. (GTC Ukraine), while GTC will hold 85.5% of the shares in GTC Ukraine.

The parties agreed on joint commitment of their equity in investments in Ukraine in an initial amount of up to USD 100 million (of which USD 10 million will come from EBRD). The amount
of the equity committed may be increased in the future as more new projects are acquired.

Part of GTC’s strategy in Ukraine is joint ventures with reliable local partners holding attractive sites in the larger cities. GTC is currently analyzing a number of potential projects, focusing on the office sector and shopping centers.

EBRD, established in 1991, is involved in co-financing of investment projects in 28 countries of the former Eastern bloc and the former Soviet Union. EBRD is the largest single investor in this part of the world. The shareholders of the bank are the governments of 60 nations, the European Union, and the European Investment Bank. In 2005 EBRD invested a total of EUR 4.3 billion in 151 projects. EBRD has co-operated with GTC for several years.

In 2000, EBRD took part in the increase of share capital of Globe Trade Centre S.A. The bank also co-finances a GTC investment in Belgrade: 19 Avenija, an office building with net area of 16,000 sq. m., and the adjoining Park Apartments, a residential complex, being built in New Belgrade, a prestigious district of the Serbian capital.

Construction of both developments is to be completed in the second half of 2007. The apartments are already attracting great interest from buyers; 120 out of 190 residences offered have already been sold. Negotiations are also at an advanced stage with renowned tenants for the office space.

In 2005, GTC completed GTC House in Belgrade, a Class A office building with an area of 13,500 sq. m. which is 100% let, chiefly to international institutions. EBRD’s Serbian headquarters are also located in GTC House.

GTC recently completed due diligence on real estate in the capital of Moldova, Chisinau, and in Sofia, Bulgaria, for which it had previously agreed on acquisition terms. The property in Chisinau was an office building, and in Sofia a plot of 4,500 sq. m. After analyzing the results of the due diligence and evaluating all risks related to the investments, GTC has decided to withdraw from both transactions.

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