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GTC to invest EUR 89 M in City Rose Garden office project in Bucharest

By Anca Bernovici
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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.

 

 

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Anca Bernovici

Anca Bernovici

I started my way in life with the intention to pursue a teaching career. But, after graduating from the Faculty of Letters – the University of Bucharest in 2004, my first job as a reporter at one of the leading newspapers in Romania changed my perspective. I have specialized in communication and communication campaigns, following the Master's courses at the Faculty of Journalism and Communication Studies (FJSC), attending a BBC Communications scholarship.
I’ve represented several important publications in Romania as business journalist, being accredited in the finance and banking field. In 2015, I had the opportunity to interview the International Monetary Fund (IMF) Mission Chief for Romania, Andrea Schaechter. As business journalist, I also had the opportunity to interview ministers for Economics and Commercial
Affairs offices within different embassies in Romania or officials of large companies investing on the domestic market.
After almost 15 years of journalism, I still want to explore new ways, to inform and stay updated. That’s why The Romania Journal project fits me so well.
Today I describe myself as a passionate about the history of world culture, having a PhD in Hebrew Culture and Civilization, after a scholarship at the University of Haifa International School, as a language addict, an environmental activist, pet lover and traveler.

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