GTC Croatia, subsidiary company of GTC public limited company - leading developer in Central and Eastern Europe, opened its shopping center Avenue Mall in Zagreb, 30th of August 2007. During the first four days of its activity, the facility which is the first shopping mall of third generation in the capital of Croatia, was visited by nearly 250 000 clients and 77 000 of them did it the opening day.
Avenue Mall is an investment realized by GTC Croatia in New Zagreb district, which is one of the most attractive localizations of the city. The shopping center is located at the crossing of main communication arteries, next to the route from the city center to the international airport.
The center opened in Zagreb turned future tenants on just from the beginning of the leasing process. As a result, 100% of area was rented in the inauguration day and the biggest international brands opened their shops there - Zara (first shop in Croatia), Bershka, Marks & Spencer, Esprit, Benetton, Calvin Klein, Tommy Hilfiger, Lacoste, Mango and Sephora. Croatian grocery chain KONZUM also opened its flagstore there. Avenue Mall clients' may additionally use Blitz Cinestar cinema with 9 rooms capable to accommodate nearly 1,800 spectators.
The Gross Rentable Area of the center is 26 500 m² net and accommodates 130 shops. The majority of contracts of area leasing in Avenue Mall was signed for next 10 years. Annual financial income from area leasing in the center is estimated at €10 million. Avenue Center, an "A" class office building with 7 000 m² of office space, was constructed next to the shopping center.
GTC Croatia's share in retail and office complex is 70%.
International experts from CB Richard Ellis company estimated the value of Avenue Mall at €163 million.
The new GTC investment is also distinctive if considerate its architectural project. It is a perfect example of a facility which not only carries out international standards but is also very friendly for clients. The building was projected by Ed Jenkins from Laguarda.Low architectonic studio which participated in the creation of many shopping centers all over the world in Russia, Portugal, Spain, Italy, Brazil, China and Japan. The investor could also count on help of Leigh Speakman a well-known international consultant in questions related to preparation of so-called tenant mix. Consultants specializing in commercial real estate market from Coliers International participated in area leasing process.
In March 2006 the developer bought another attractive 1,2-hectare plot in the district of New Zagreb with an intention of building a shopping and office center with gross net area of 24,000 m². GTC Croatia also participates in an investment on the cost of Istria where apartments of total space of 23,000 m², 5-star hotel and professional golf course will arise.
GTC invests actively in the shopping centers sector in the region. Except for finished investments Galeria Mokotow, Galeria Kazimierz and Avenue Mall, the company realize, individually or in cooperation with partners, the construction of modern shopping malls in Poland, the Czech Republic, Croatia, Romania and Bulgaria. The Gross Net Area of GTC's participation in those investments is about 300,000 m².
Source: GTC
