• Gross margin from rental activity at €59m in H1 2021 (€59m in H1 2020)
  • Adjusted EBITDA at €52m in H1 2021 (€52m in H1 2020)
  • FFO at €31m (€33m in H1 2020), FFO per share at €0.06
  • EPRA NAV at €1,126m as of 30 June 2021, EPRA NAV per share at €2.32 (PLN 10.49)
  • Strong liquidity position with cash and cash equivalents at €246m as of 30 June 2021
  • Investment of €268m into acquisition of income generating assets and landbank for future development
  • Occupancy at 91% (91% as of 31 December 2020)


  • Two rating agencies assigned a corporate family rating (“CFR”) to GTC:
    • Fitch Ratings (“Fitch”) – BBB- with stable outlook
    • Moody’s Investors Service (“Moody’s”) – Ba1 with positive outlook
  • Issue of €500m of green Eurobonds in June 2021 (2.8x oversubscribed with a peak order book in excess of €1.4bn.)
  • €369.1m of secured project loans refinanced
  • €82m of secured project loans under the refinancing process
  • Unsecured debt at 48%
  • Unencumbered properties up to 35% (9% as of 31 December 2020)
  • WAIR at historical low of 2.18%¹ (2.3% as of 31 December 2020)

¹ Excludes loans related to assets held for sale

“During the first half of the year, we concentrated on the reshuffling of our portfolio. We signed the preliminary agreement to dispose of our Serbian office portfolio, securing however our future growth in Belgrade with the acquisition of a land plot designated for a large scale phased office project and even starting a new office project GTC X. Additionally, we invested heavily into Budapest based class-A office properties to shift towards higher-rated markets. We also focused on operations on our malls, which after the last lockdown, are delivering tremendous results, with malls’ turnover being well above 2019 statistics, especially in Poland. Also during this period, as the first real estate developer in the CEE region, we released the ESG report, a culmination of 25-years of GTC development based on quality offering, long-term relationships, and the transparency of our operations. It was a natural next step for our company as we consistently apply the corporate strategy based on providing real estate solutions that improve the way we live and creating a business platform that stands on trust and cooperation with stakeholders. The second half of the year will be similarly busy, as we are preparing ourselves for a capital increase and further investments” – commented Yovav Carmi, GTC’s President of the Management Board.

“The first half of the year was marked with the change in our financing structure and move from individual secured bank loans for particular projects to predominantly unsecured bond funding. First of all, we went through the rating process and achieved a Ba1 rating with Moody’s Investors Services and investment grade rating BBB- with Fitch. Later, we tapped the Eurobonds market for more flexible instruments, and succeeded issuing €500m green Eurobond with a coupon of 2.25%. The book was 2.8x oversubscribed with peak orders in excess of €1.4bn. This gives us great confidence and validates our change in strategy, business model and sustainable and responsible approach to our properties. I believe that we will be able to come back to the market later this year to complete our goal and refinance the majority of the remaining secured debt” – commented Ariel Ferstman, GTC’s CFO and Member of the Management Board.

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