Globe Trade Centre S.A. (GTC) is to purchase an A-class office building in Chisinau – the capital city of Moldova.
In Budapest GTC has agreed the terms of acquisition of 90,000 sq.m office and retail project.
GTC Moldova – a 95% subsidiary of GTC, has agreed the terms of purchase of an A-class office building that is in advanced stage of construction, located in thecentre of Chisinau. The price to be paid for the building amounts to EUR10m , while the total development cost is estimated at EUR12.5m. The building will comprise approx. 8,300 sq.m of gross office space and 3,500sq.m of gross retail space.
GTC Moldova will hold 51% in the venture that will develop the building. The building is planned to open in Q2 2007.
Moldova is the ninth country where GTC is developing real estate projects. The country is progressing at a fast rate from relatively small economic base – 2005 GDP growth is estimated at 7%.
In Hungary GTC is accelerating its activity in the Budapest office sector. GTC Hungary – a 97.5% subsidiary of GTC has signed the Memorandum of Understanding with vendors for the purchase of two plots totaling 22,700 sq.m. in Budapest, known as the Gateway Project. The price agreed for the plots amounts to approx.EUR7.3 million.
The plots are located in a prominent site in the rapidly developing commercial area of District XI near the access roads to the newly planned Danube River bridge and the M6/M0 motorways. GTC plans to develop the site into office and retail space. The site may be built in phases and the building rights will allow up to 90,000 sqm of gross built area.
In parallel, the company is presently about to start construction of the first phase of a new office project “Spiral” (over 60,000sqm gross area) and the residential complex “Riverloft”, both in the XIII District of Budapest and has just completed the 2nd phase of the Center Point office building. The two phases of Center Point comprise 46,000sqm of class A office space, with Exxon Mobil as the main anchor tenant. In district XI GTC is developing Bluebird Gardens – a residential project with 110,000 sqm gross space.