GTC aims at growth in rental income
Looking at acquisitions
GLOBE Trade Centre (GTC), the Warsaw Stock Exchange listed property developer and manager with an inward listing on the JSE, anticipates a significant growth in rental income from its developments that were currently under construction in central, southern and eastern Europe.
Thomas Kurzmann, the chief executive of GTC, said this week rental and service revenue increased to €114 million in the year to December from €105m in the previous year, but the completion of the Galeria Północna shopping centre in Warsaw this year alone would result in a 16 percent or €18.5m a year increase in rental income. When GTC did its capital raise in South Africa last year it had income producing assets valued at €1.1 billion, but planned to double this within three years.
GTC should have a gross asset value of €2bn at the end of 2019, he said. It currently has five development projects with a gross lettable area of 139 000m² under construction, with more than 83 000m² of this to be completed in this financial year.
A further six projects that will provide 181 000m² of retail and office space are in the planning and pre-planning stage.
36 properties
GTC has an income producing portfolio comprising 36 property assets that provide about 596 000m² of office and retail space in Poland, Serbia, Hungary, Romania, Croatia and Bulgaria.
The FortyOne III office project in Belgrade in Serbia and Artico Warsaw office building in Poland were also scheduled to be completed this year while The White House office building in Budapest in Hungary and 34 400m² Ada Mall in Belgrade in Serbia were expected to be completed next year.
Kurzmann said GTC was targeting double digit growth