GTC pursues growth strategy
Investment & finance
CEE REGION Warsaw-listed real estate investor Globe Trade Centre (GTC) is expecting to start the construction work on its Galeria Północna shopping centre in Warsaw this year, if the company receives a building permit, which it now sees as “very likely” to take place by the end of the autumn. However, this makes up only a small part of GTC’s plans for the rest of the year.
A tale of two malls
“By the time we receive the building permit, which we expect in the autumn, the commercialisation of Galeria Północna should reach 50 pct. This will be enough to start the construction process. The date depends on the authorities, of course, but we can see that everything is going to plan. If this stays the same way we could start the construction process this year and plan to finish before the Christmas period of 2016,” Thomas Kurzmann, the new president of the board at GTC, told us. He also revealed that the developer would be ready to apply for a building permit for Galeria Wilanów within the next few weeks. “As far as the schedule is concerned, the mall in Wilanów is app. half a year behind the Galeria Północna centre, but both projects are heading in the right direction. We are satisfied with the situation,” remarked Mr Kurzmann. He also added that as far as Warsaw is concerned, it is a significant retail market for GTC, in contra
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