Globe Trade Centre S.A. (GTC) starts its second office project in Bulgaria. The company agreed the terms of acquisition of 4500 sqm plot of land in Sofia.
GTC Bulgaria – 95% subsidiary of Globe Trade Centre S.A. agreed the terms of acquisition of a land plot in Bulgaria’s capital for EUR1.55m and intends to develop at least 7,000 sqm of gross office space on the site. The plot is located on the way from the city centre to the international airport, close to the main office of Oracle and close the French School.
The land is to be purchased together with a partner, while GTC will hold 51% in the joint venture.
The construction of the building is going to start in Q2 2007 and the completion is expected in mid 2008.
Prior to this new acquisition GTC purchased a 3800 sqm site close to American Embassy in Sofia. The construction of the 12,000 sqm office building with some retail elements is going to start in the Q1 2007.
“With the prospects for Romania and Bulgaria to join European Union in 2007, real estate markets there look very attractive. Latest acquisitions in Bulgaria are part of GTC’s strategy of accelerated expansion in those countries in order to maximize our profits from EU convergence” – said Hagai Harel, GTC Member of the Management Board responsible for CEE investments.
Bulgaria is the eight country where GTC develops real estate projects, while further plans include investments in Ukraine. In April 2006 in SEE Real Estate Quality Awards GTC was voted SEE Developer of the Year 2005 title in recognition of its expansion in South & Eastern Europe.