After seven years in which it didn’t build any real estate project on the local market, Polish real estate developer Global Trade Center (GTC) is preparing for a new office project in Bucharest.
It’s about City Rose Garden for which the company recently acquired a 15,000 sqm plot of land of 6 ha owned by Bluehouse Capital around Expozitiei Boulevard, paying EUR 10.5 million, capital.ro informs.
City Rose Garden is a project of EUR 89 million (including land acquisition), with three office buildings and a 46,000 sqm leasable area, as well as 920 parking spaces.
The company expects an investment return of 10 percent and a net operating income of EUR 9 million. The project would be completed in the 2019-2020 period and is in the planning stage, along with seven other real estate projects in Hungary, Serbia, Croatia, Bulgaria and Poland, where GTC plans to invest EUR 540 million.
On the local market, GTC owns four office buildings: Cascade Office Building (EUR 9 million), Premium Plaza and Premium Point (EUR 32 million), City Gate.
Headquartered in Poland, GTC group has been developing office, commercial and residential real estate projects in Central and Eastern Europe since 1994.
Apart from Romania, GTC also operates in Poland, Hungary, Croatia, Serbia, Slovakia, the Czech Republic, Russia and Ukraine.