Globe Trade Centre has agreed the terms for the acquisition of a 19,500 sq.m. property in Belgrade and plans to develop it into office and retail space. In parallel, the Company is constructing its office building “19Avenue” and the residential complex “Park Apartments” in the Serbian capital.

The property is located in New Belgrade and according to the preliminary design 20,000 square meters of office and retail space would be developed on the site. The price agreed for the land amounts to approx. Euro 10 million. GTC is currently carrying out a due diligence of the property. If the transaction is finalized, the project should be completed within 2-2.5 years.

GTC has already started the construction of an A-class office building “19Avenue” and “Park Apartments” in the capital of Serbia. Alpine – the second largest Austrian construction company has been nominated as the general contractor. The first phase of the project, which consists of an office building with net rentable area of 16,700 sq.m. and the first stage of the total 200 apartments planned, will be completed in the fourth quarter of 2007.
Colliers International has been appointed as the exclusive agent for the sale of apartments and the leasing of office space. 50% of the apartments from Phase 1 have been already sold.
The project is financed by EBRD and Raiffeisen Zentral Bank.

In Q3 2005 GTC completed an A-class office building – GTC House in Belgrade. The building attracted a great deal of interest from the international tenants and the entire area of 13,500 square meters was leased to international corporations, including Raiffeisen Bank, EBRD, Nestle, Honeywell, Phillip Morris and L’Oreal.

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