HUNGARY GTC sells Spiral for EUR 41 mln

The building, which is situated on Dózsa György út, close to the Váci út office corridor, has a total leasable area of 30,541 sqm. GTC completed the building in 2008. It comprises six above-ground office floors, entirely leased to Hungarian National Asset Management Inc., and four underground parking levels. The remaining 1,896 sqm is leased to a restaurant and a fitness centre operator.

We believe the time has come to refresh our portfolio in Hungary by selling mature assets in order to make room for new, exciting acquisitions and developments. The sale of Spiral is in line with this strategy and will provide net cash to finance new acquisitions, as well as implementing our new development projects such as the Pillar and Center Point 3 office buildings.
Yovav Carmi, the president of the management board of GTC

GTC still owns four modern office developments in Budapest: Center Point 1 and 2 (together 40,900 sqm), Duna Tower (31,300 sqm) and GTC Metro (16,200 sqm). The Pillar office building (29,000 sqm), which is currently under construction, is fully pre-leased to ExxonMobil for a global business services centre.