GTC posts H1 results, plans purchases
Investment & finance
Galeria Północna is to comprise app.64,000 sqm of leasable space
CEE REGION In Q2 2015, GTC’s net losses amounted to EUR 2 mln. At the same time the company generated a net profit of EUR 6 mln in the first half of the year. The company now aims to spend EUR 40 mln on acquisitions by the end of 2015 and issue PLN 0.5 bln of new shares.
Business as usual
At the end of June 2015, the value of the GTC properties amounted to EUR 1,231 mln, a small decrease compared to the EUR 1,293 mln reported at the end of December 2014. This was mainly a result of the sale of Centrum Biurowe Kazimierz in Kraków, says the company. In H1 2015, the developer’s debt decreased to EUR 726 mln – compared to EUR 811 mln at the end of 2014. “Over the last few months we managed to achive many of our goals: we restructured our debt and significantly speeded up the sales of assets unrelated to our core operations. We have started the construction of Galeria Północna – one of our key projects – and put into operation the first building of the FortyOne office complex in Belgrade. We are currently analysing a few potential investment projects in the CEE and SEE markets, while continuing to implement our strategy, which involves both investing in new assets with a gr
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