Polish company GTC plans to develop new office building in Sofia

SOFIA (Bulgaria), Aug. 25 (SeeNews) – Polish property developer Globe Trade Center (GTC) has announced its intention to develop a new office building with a leasable area of ​​9,200 m² in the Bulgarian capital Sofia.

GOC EAD, registered in Bulgaria, a 100% subsidiary of GTC, acquired on June 1 a plot of 2,417 m² in Sofia for a total amount of 4,700 euros ($ 5,523), the Polish company said in its financial report. first half consolidated. of 2021 Tuesday.

GTC said its portfolio in Sofia generated a gross margin of 4.3 million euros in the first half of 2021, compared to 4.5 million euros in the same period last year.

According to the financial report, the closures in Poland and Bulgaria, which continue to have a negative impact on shopping center operations, resulted in a loss of operating margin in the six-month period ended June 30 compared to the same period of last year.

GTC’s revenue from its assets in Sofia increased to 5.7 million euros in the first six months of the year, from 5.5 million euros in January-June 2020.

At the end of June, GTC’s retail portfolio in Sofia of approximately 23,000 square meters was 96% occupied, while its office portfolio of 44,000 square meters was 84% ​​occupied. The average rent for the company’s retail space was 20.9 euros per square meter, while for its office buildings it was 14.5 euros per square meter.

GTC’s assets in Sofia amounted to 195.2 million euros at the end of June, compared to 191.8 million euros at the end of 2020.

GTC currently operates four projects in Bulgaria – Mall of Sofia, Sofia Tower 1, Advance Business Center 1 and Advance Business Center 2. Last year, GTC started construction of the 8,300 m². Sofia Tower 2 Class A office project in Sofia. In April, the Dorado 1 company unit contracted a 9.2 million euro loan from DSK Bank and its Hungarian parent company OTP Group, to finance construction activities.

Elsewhere in Central, Eastern and South-Eastern Europe, GTC operates in Poland, Serbia, Hungary, Romania and Croatia where it directly manages, acquires and develops high-quality office and retail real estate assets in prime locations .

($ = 0.851080 euro)

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