GTC to develop 350 high-standard apartments in attractive location in Bratislava.
Globe Trade Centre S.A. – acting through its 95%-subsidiary, GTC Slovakia, has acquired a company (GTC Bratislava) that is going to develop an attractive residential project in Bratislava.
The project will offer 350 high-standard apartments and will be built on a 2.8 hectare plot that overlooks the centre of Bratislava.
GTC Bratislava is in the process of acquiring the land from a Seller for a price of EUR3.7m. The Seller holds a 30% interest in GTC Bratislava. Such transaction is in line with GTC’s strategy of joint ventures with land owners and other partners, that shall contribute to accelerated expansion of GTC in CEE.
GTC will manage the development process, and will co-operate with its partner in further residential projects in Bratislava.
Construction of the project is planned to commence at the end of 2006, and to be completed in 1H 2008.
This transaction marks another milestone in GTC’s regional expansion – the commencement of activity in its seventh CEE country. Slovakia, the fourth EU member country in which GTC operates, enjoyed GDP growth in 2005 of more than 5%. The capital, Bratislava is the largest city, with population of over 500,000. It also is seeing a constant inward migration of new inhabitants from other parts of the country. GTC intends to develop more projects in Slovakia, focusing mainly on the residential market in Bratislava, though it does not exclude other opportunities that may arise.