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GTC buys two more office buildings

GTC has acquired two A-class office buildings in CBD of Bucharest. Premium Plaza and Premium Point will add over 15,000 sq. m of office space to GTC’s portfolio.

The GTC Group, one of the leading commercial real estate companies in Central, Eastern and Southern Europe has acquired the two modern A-class office buildings in Bucharest, Romania. Premium Plaza and Premium Point will increase GTC’s Romanian portfolio by 15,000 sq. m of net leasable area.

The two office buildings will offer all the features that leading companies may expect from a modern office building. Their location close to the most important public transport hub in Bucharest, the near vicinity to governmental buildings and great visibility grant top representation and comfort to the tenants and their employees.

“The acquisition of these two prime office buildings will substantially improve GTC’s position as mayor player on the office market in Bucharest. Both assets are located in the heart of the Bucharest’s central business district and the value add potential will be unlocked via a combination of technical upgrade and improved services for tenants granting high occupancy in near future.” – said Thomas Kurzmann, CEO of GTC.

Completed at the end of 2008, the Premium Plaza high-rise building comprises fifteen office levels accessible from the main lobby and three underground parking floors providing 85 parking lots. The investment encompasses 8,600 sq. m of which 86% has been leased to international tenants. Whereas, the Premium Point office building, delivered in 2009 offers a total leasable area of 6,400 sq. m on 9 floors and 72 parking lots in 3 levels of underground parking. It is leased in 74% to top global companies, such as Franklin Templeton, Thomson Reuters, Autodesk and HBO. Both buildings are located in the centre of one of the most important administrative, business, finance and cultural districts in Bucharest and offer excellent access and visibility.

The Seller of both properties was advised by Colliers International.

“The sale of the CBD located Premium Plaza and Premium Point buildings to an international investor is another important step in increasing the liquidity and positive perception of the Romanian real estate capital markets”, stated Robert Miklo, Associate Director Investment Services within Colliers International Romania.

Acquisition of Premium Point and Premium Plaza increased GTC’s portfolio to 37 projects and over 665,000 sq. m of commercial space, following earlier acquisition of Duna Tower in Budapest and Pixel in Poznań as well as completion of Fortyone office building in Belgrade in late 2015. In 2016, GTC’s portfolio will further grow with the expected completion of University Business Park in Łódź and second phase of Fortyone ofiice building in Belgrade, while the completion of its biggest project, Galeria Północna in Warsaw, is planned for 2017.

GTC successfully streamlined the ownership structure of City Gate, one of its landmark office buildings in Bucharest by buying-out its minority partner, Bluehouse Capital and now owns 100% of the equity. At the same time, Romtelecom (recently renamed to Telekom Romania), the largest Romanian fixed and mobile telecom operator, signed a five-year lease prolongation at City Gate. After a diligent evaluation process Romtelecom decided to maintain its 13,000 sqm headquarters in City Gate until 2022 due to the building’s high quality and attractive central location.

City Gate was initially developed as a joint-venture between GTC and Bluehouse Capital, and is still one of the most prestigious office buildings in the central business district of Bucharest. It was also the first office project in Bucharest to have received a partial LEED Gold certification confirming the high degree of energy efficiency of this property.

“These two transactions demonstrate GTC’s strong position as a leading real estate player on the Romanian office market. They are also fully in line with our overall strategy of streamlining the ownership structure of our existing portfolio on an opportunistic basis and further improving cash flows through active asset management” said Thomas Kurzmann, CEO.

“The sale of the CBD located Premium Plaza and Premium Point buildings to an international investor is another important step in increasing the liquidity and positive perception of the Romanian real estate capital markets”, stated Robert Miklo, Associate Director Investment Services within Colliers International Romania.

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