Friday, June 5, 2020
Home News Investment Market GTC with almost EUR 400 million of financing and refinancing in the...

GTC with almost EUR 400 million of financing and refinancing in the first half of 2017

It took GTC, a leading CEE real estate investor and developer, only the first six months of 2017 to refinance and conclude loans for almost EUR 400 million through euro bonds offering, project loans and construction loans.

The concluded loan agreements for financing and refinancing of the company’s eight projects amounted to more than EUR 300 million. Among this year’s deals, GTC signed a binding term sheet with Banca Intesa Beograd, VUB and PBZ for EUR 64 million for the financing of Ada Mall in Belgrade and a construction loan for GTC White House in Budapest for EUR 26 million with Raiffeisen Bank.

Among the largest refinancing deals, GTC has agreed a facility for City Gate for EUR 84 million with Erste Bank, a facility for Korona Office Complex for EUR 46 million with BZWBK and a facility for Avenue Mall Zagreb for EUR 50 million.

What is more, in June 2017 alone, GTC completed a EUR 40 million prospectus-exempt public offering of three-year euro-denominated bonds to be listed on Catalyst, which adds up to approximately EUR 70 million since the beginning of the year and is used amongst other to replace more expensive debt.

“We did not say the last word yet,” commented Erez Boniel, GTC’s CFO. “Thanks to the expansion of the company’s operations and development we continue to secure long-term financing through new bonds, financing and refinancing activity. We continue to take advantage of the current low interest levels to significantly improve the costs of our debt, while optimizing the leverage ratio.”

Most Popular

ISOC Group acquires Silesia Business Park

Still seeing a positive outlook for Poland despite the pandemic, the ISOC Group from the Philippines has bought two buildings (A and...

CPI takes a closer step to managing all its properties in Warsaw

CPI Property Group (CPIPG), the largest owner of commercial real estate in the Czech Republic, Berlin and the region of Central and...

Savills instructed by Eiffage Immobilier to market build to rent development pipeline in Poland

Eiffage Immobilier Polska has appointed Savills to seek an investment partner for the development of a bespoke 453-unit build to rent opportunity...

Romania’s “mall king” to develop EUR 2.9 billion development in Bucharest

Romania's Chamber of Commerce and Industry (CCIR) and Iulian Dascalu – one of the biggest real estate investors in Romania, will transform...