GTC Romania acquired site for a 25,000 sqm GLA shopping centre in Romania
GTC’s Center Point was voted the Best Office Development and the Best Overall Development in Hungary at CIJ Awards.
GTC Romania has recently finalized the purchase of a 33,000-sqm plot in central Arad, Romania. On this land GTC will develop a shopping center of 25,000 sqm GLA. The development is part of the joint venture with Aura Investments Ltd., which have previously acquired 3 other sites. GTC’s stake in this development is 75%.
Arad is one of the most important cities in Romania and among the top urban centers in the region in terms of area and population. With around 460,000 inhabitants, Arad County has a density of approximately 60 people/square km. The town of Arad counts approximately 171,860 people. Located near the western border with Hungary, Arad is one of the counties often preferred by foreign investors, being one of the most important transit locations connecting Romania to the west.
The construction for the new shopping center is planned to start in the next 6 months, with delivery scheduled for Q4 2008. After completion, the shopping centre is expected to generate EUR6m annual rental income.
In addition to the transaction in Arad, GTC is developing shopping centres in Piatra Neamt, Succeva and Buzau as part of the 50/50 partnership between GTC and Aura Investments. Galleria is the chain brand name and the first shopping center is expected to be open on Q1 2008.
Following this acquisition, GTC’s portfolio in Romania includes 500,000 sqm of net office, retail and residential property in completed and under development projects. GTC’s part comprises more than 300,000sqm, as some of the projects are developed together with partners.
GTC Hungary won two prestigious awards at the CIJ (Construction and Investment Journal) annual awards dinner on Thursday, 7th December in Budapest. GTC won the award for the Best Office Development in 2006 and the Best Overall Development in 2006 for their Center Point 2 Office Building in Budapest.
Robert Snow, Managing Director of GTC Hungary was also honoured with the Personality of the Year, one of the CIJ reader-voted prizes.
GTC completed earlier this year their €50 million investment in Center Point, one of the largest and most prominent Class A office buildings in Budapest, on Váci út in District XIII, with over 41,000 square meter of net rentable area. Designed by award winning architects ‘Zoboki Demeter Associates’ (Palace of Arts), the building is successfully leased to major international clients, the foremost tenant being ExxonMobil with 16,500m2 rented area. The tenant profile includes a list of the world’s top names such as: Allianz Bank, Bunge, GE, Honeywell, Lombard Leasing, Kudos, Nalco, Raiffeisen Bank and Leasing, and VTK. Within 6 months from completion the building was over 98% leased.