GTC to launch new €80 million project in Croatia
Global Trade Centre SA is to build a luxury residential and recreation project in southern Croatia for €80 million. The project, which will include 23,000 sqm of residential space, a five-star hotel, and a golf course, will be built over the next three years.
The latest in a string of projects by GTC Real Estate, the company has signed a number of contracts around Central and Eastern Europe. In mid-June, it signed an agreement to buy an office building under construction in the Moldovan capital of Kishinev, with total construction costs of the building estimated at €12.5 million. Earlier this year, the company also bought a project in Bulgaria and another in Hungary for a total cost of €9 million.
GTC Real Estate is also active in Western Europe, and announced a collaboration with Property and Building Ltd in April to buy nine Swiss office properties for NIS 343 million. In addition to Croatia, GTC Real Estate owns properties in Poland, the Czech Republic, and Hungary.
Another off-shoot of its mother company, Kardan, is Globe Trade Centre S.A. (GTC) has acquired substantial land plots in Sofia for both residential and commercial development.
"With the prospects for Romania and Bulgaria to join the European Union in 2007, real estate markets there look very attractive. Latest acquisitions in Bulgaria are part of GTC's strategy of accelerated expansion in those countries in order to maximize our profits from EU convergence," said Hagai Harel, GTC Member of the Management Board responsible for CEE investments. Bulgaria is the eighth country where GTC develops real estate projects, with further plans to launch investments in the Ukraine.
Source OPP July 06