GTC Real Estate Romania (GTC Romania), a subsidiary of Globe Trade Centre S.A. (GTC), signed an agreement to purchase a 105,000 sqm plot in the north of Bucharest, in an attractive residential area. The value of the transaction amounts to €12 million. GTC plans to develop in phases at least 100,000 sqm of residential space on the site. On 15 March 2006 GTC announced that it had agreed the terms of this transaction.
The construction of the first phase is planned to commence in the first quarter 2007. GTC is going to develop this project together with a partner, who will be a 20% shareholder in the partnership.
The acquisition increases significantly GTCs portfolio in Romania which, after this transaction, comprises of approx. 400,000 sqm of commercial and residential space, in various stages of development.