Briefs

GTC takes off...

GTC, Central Europe's largest listed property developer took the Warsaw Stock Market by storm on its market debut, seeing its shares quoted as high as 98 zlotys which translates into a market value of USD 470 million. Better known for building the Galeria Mokotow centre in Warsaw, GTC plans to use the funds raised to double its lettable space in Poland by 2005 to 190,000 sqm. Analysts believe that pension funds wishing for a higher allocation of the stock were mainly responsible for the 12.6 percent climb from its IPO price.

...but flies lower

GTC revealed net profits of USD 2.1 mln (operating profits of USD 7.5 mln) for the first quarter 2004. These figures are lower than for the corresponding period in 2003 (USD 13.9 mln and USD 10.7 mln respectively). GTC has blamed the figures on the sale of a 50 pct stake in Galeria Mokotów.

Eur 1.6 mln profit for Stalexport

Steel products distributor Stalexport recorded a eur 1.6 mln non-consolidated net profit for the 1st quarter of 2004 on eur 38 mln of revenue. Year-on-year revenue was down 10 pct and net profit lower by 36 pct. Stalexport's shareholders will shortly vote on a new share issue in order to finance expansion plans, which could include acquisitions. Its aim is to boost its 10 pct market share in Poland.

WAN 11 acquires building in Warsaw

WAN 11 has acquired a property on ul. Postępu 3 in Warsaw for USD 16.5 mln. The new owner wants to deliver the building to the market by the end of 2005 at the latest. Construction work on the building, which will contain 20,000 sqm of office space, was completed in 2001. However it has remained empty due to unfinished work on the interior and poor market conditions. The property will be leased out at 13 USD/sqm. WAN 11's stakeholders are two development companies: WAN and Echo Investment. The property agency Ober-Haus Nieruchomości participated in the negotiations between buyer and seller.