September 11, 2017

GTC acquires Belgrade Business Center

GTC acquires Belgrade Business Center

Real estate developer Global Trade Center (GTC) has acquired the A Class Belgrade Business Center office building in Serbia's capital.

Belgrade Business Center, offering 17,900 sqm of gross leasable area (GLA) and 307 parking places, is 96.8% occupied by UniCredit, AirSerbia, and NCR Corporation, GTC said in a statement.

Financial details of the deal were not disclosed.

Belgrade Business Center will increase GTC’s Serbian portfolio to 98,400 sqm of GLA and further strengthen its leading position on the country's market, the Polish company said.

"Belgrade Business Center will strengthen our recurring net operating income by more than EUR3 million ($3.55 million) per year with additional potential for net asset value growth," the CEO of GTC, Thomas Kurzmann, said in the statement.
In April, GTC said it has officially opened the third building of the FortyOne office compound in Belgrade, completing the entire investment.

Elsewhere in Southeastern Europe, GTC also has a presence in Croatia, Romania and Bulgaria.

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