GTC Serbia, a wholly owned subsidiary of GTC S.A., has signed a construction loan agreement with Raiffeisen Bank. The €9,5 million loan will finance the development of the first phase of GTC’s Fortyone office project in Belgrade, Serbia.
Construction of the Fortyone office complex began in October 2014. As at the end of 2014 it has already reached 60 percent pre-lease with prominent tenants such as Bosch, PS Tech, Tetrapak and Regus.
“We are satisfied by being slightly ahead of schedule with construction and having high demand for the office space that is yet to be leased. We are one of the first developers commencing construction of an A Class office building in Belgrade after many years of almost no supply. We are very pleased that we could attract finance from Raiffeisen for the first phase of the Fortyone office project. This continues a long term successful partnership with the bank,” commented Thomas Kurzmann, CEO, GTC.
Development of Fortyone is part of GTC’s strategy to grow through development of selected office and retail projects that meet tenant’ demand, and acquisition of value added cash-generating assets in capital cities in the region.
“We are happy to support GTC in its effort to develop the most modern office building in Belgrade. GTC has a proven track record for developing office buildings in CEE and SEE, its brand name is well recognized in Belgrade by big international tenants. Thanks to the experience of GTC’s team and the companies involved in the design and construction process we are certain that Fortyone will set new standards in user comfort, office space flexibility and energy efficiency, and we are pleased to be a part of it,” said Michael Weitersberger, Head of Real Estate Finance International, Raiffeisen Bank.
Fortyone office complex will add in total over 27,000 sqm of Class A office space to the market and it will be built in three phases. The first building will offer its tenants 10,000 sqm and is scheduled to be completed in the third quarter of 2015.
Fortyone is located in the prominent corner of New Belgrade, at the intersection of Milutina Milankovica Boulevard and Umetnosti Boulevard, a place close to the centre of the city and the airport as well as conveniently connected with the main highway. The building will offer approximately 500 ground and underground parking places. Each of the buildings will include retail facilities to provide a convenient and attractive working environment of its tenants’ employees.