GTC’s residential portfolio expands by 67,000 sqm. GTC strengthens its position on the Romanian market, developing residential property of 370,000 sqm

GTC Romania has acquired a 66.6% share of a company which plans to develop a new residential project of 100,000 sqm. GTC residential properties in Romania under development have increased to 370,000 sqm.

GML American Regency Pipera S.R.L., the company whose shares were purchased by GTC, holds a plot of 5.4 hectares. The site is located in the popular and rapidly growing northern district of Bucharest, in the vicinity of the American School. GTC plans to build 100,000 sqm of mid-upper-class apartments there. The investment is going to be developed in two stages, 50,000 sqm each. The first stage of the investment is planned to be completed in 2009, the second one in 2010.

GTC Romania, as the major shareholder of the investment, will also manage the project for a management fee of 5% of the project costs. GTC paid EUR 11.1 mln for 66.6% of the company’s shares.

Romania is one of the most important markets in GTC’s portfolio. Four projects are currently under development in the country: two projects in partnership with the REEFF – a fund managed by Deutsche Bank: Rose Garden (85,000 sqm) and Felicity (130,000 sqm), Jasmine Park (30,000 sqm) and Green Dream (25,000 sqm), which are being executed by GTC.

The new investment will be GTC’s fifth project in Romania and will increase residential portfolio developed by GTC to 370,000 sqm (of which 230,000 sqm belongs to GTC Romania).

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