GTC pushes ahead

Over 1.7 mln sqm of commercial space and more than 500,000 sqm of residential space could be built by Warsaw-listed developer Globe Trade Centre on its current land bank. "What is important is the fact that over 90 pct of our land bank is free of any mortgages or loans. This year we will finish the construction of 89,000 sqm of commercial space and another 132,000 sqm is to be completed in 2012," explains Mariusz Kozłowski, a board member of the company, which is present not only in Poland but also in Russia, Ukraine, Serbia, Croatia, Bulgaria, Romania, Hungary, the Czech  Republic and Slovakia. Time to flex some muscleThe years 2008-2009 were a time of belt-tightening, when the developer chose not to invest in increasing its land bank. However, last year saw a number of significant transactions: the sale of Warsaw's Topaz and Nefryt office buildings and the purchase of a 50 pct stake in the Galeria Wilanów project. "We want to finish the administrative process by the end of this y