Globe Trade Centre expands its portfolio of Croatian investments.The company acquires a plot in Zagreb to build 24,000 sqm of shopping and office space
GTC Croatia, a company with a 97%-owned subsidiary of Globe Trade Centre (GTC), has acquired a 12,000 square meter plot in Zagreb, the capital city of Croatia. GTC is planning to develop there a modern retail and office complex.
The new GTC investment will be constructed on 12,000sqm by Slavonska Avenja, the main entrance road from the east, and one of Zagreb’s main transportation routes, linking the eastern and western ends of the city. GTC is going to develop there a retail and office complex, with the total gross rentable space of approx. 24,000 sqm.
The total investment cost is estimated at about 42 million euro.
“Croatia is one out of the nine countries where GTC conducts operations. We want to benefit from its booming real estate market by developing projects in all three segments, i.e. office, retail and residential. By expanding the GTC portfolio in Croatia, we are consistently implementing our strategy of an accelerated expansion on the most promising emerging European markets” – says Hagai Harel, the Member of GTC Management Board.
GTC began its operations in Croatia in 2004. The Company has vast experience in the development of shopping and entertainment centres – in Poland GTC has constructed two successful, third generation malls: Galeria Mokotow in Warsaw and Cracow’s Galeria Kazimierz. Such experience has been used to develop the Avenue Mall – Zagreb’s first shopping and entertainment centre (26,500 sqm NRA), together with an office tower (7,000 sqm NRA). Its opening is due at the end of 2Q 2007, and the shopping space has been almost completely leased (www.avenuemall.com.hr)
In September 2006 GTC Croatia acquired a majority interest in a prestigious residential and hotel project on the Istria peninsula on the Croatian sea coast. On the 130 hectare plot approx. 111 villas and luxury apartments, a 5-star hotel and an 27-hole golf course are to be developed. The completion of the investment is planned for 2009.