August 29, 2016

GTC posts positive financial results

GTC posts positive financial results

GTC reported remarkable results for the first half of 2016.

“The realisation of our growth strategy became evident with our investment of €95 million in value accretive office properties, and a plot of land for an office development in the CBD of Budapest. We completed the development of the University Business Park B office building and the Budapest team commenced preparation for the construction of the White House office building in Budapest. The construction of Galeria Pó┼énocna and two office buildings in the FortyOne project continue according to schedule,” commented Thomas Kurzmann, GTC’s CEO.

“Post June 2016 we acquired another two office properties in Poland. We are progressing well with the new development projects in Warsaw, Belgrade and Budapest. Construction shall commence no later than early 2017. There is strong tenant demand in these areas and we identified retail and office gaps that present us with good opportunities to enhance the upside potential within our portfolio. With available funds, we continually analyse similar opportunities within our key markets,” Kurzmann continued.

“On 18 August 2016, we became the first Polish inward listed company on the main board of the Johannesburg Stock Exchange (JSE). We believe this listing will increase the liquidity and tradability of our shares while increasing awareness of our current activities and future strategic initiatives amongst a new group of institutional investors,” Kurzmann added.

“We were also successful with further disposal of non-core assets as well as refinancing of investment loans. During the first half of 2016 we signed refinancing loans for over €226 million, including refinancing of recently acquired Duna Tower, Pixel as well as Sterlinga Business Centre and Neptun Office Centre. The refinance activity enhances the equity raised in October 2015 and allows us to secure attractive investment opportunities,” commented Erez Boniel, GTC’s CFO. “The positive impact on our results from the accelerated acquisitions is already visible in the growth of NOI and 6 percent improvement in our EPRA NAV reported.”

On 18 August 2016, GTC became the first Polish inward listed company when it listed on the main board of the Johannesburg Stock Exchange (“JSE”). The company successfully listed in the “Real Estate Holding and Development” sector. GTC’s primary listing will remain on the main market of the Warsaw Stock Exchange.

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