GTC launches construction of a new office building in Cracow (PL)

Globe Trade Centre S.A (GTC) has acquired funding for the Pascal building in Cracow from BZ WBK S.A. The construction of the fourth building of the office complex is scheduled for completion in Q4 2009.

GTC started the construction of its fourth building in the Office Centre by Armii Krajowej Ave. in Cracow The Company has signed a €12-million credit agreement with BZ WBK S.A to fund the Pascal building project GTC Korona S.A - the investment vehicle constructing the Pascal building, has entered a credit agreement with BZ WBK S.A bank for €12 million.

"The ability to acquire funding despite the current situation on credit markets confirms the stable position of GTC and the high level of our investments," said Erez Boniel, Financial Director and Board Member at GTC.

The construction is planned to end in Q4 2009. Approximately 5,300 m² of area of class-A modern office space will be constructed on a 2,800-m² plot by the Przybyszewskiego and Lea St. junction. Parking space for more than 50 cars is also planned for the convenience of the future users.

The Pascal building will be the last and the smallest (as far as area is considered) part of the GTC Office Center by Armii Krajowej Ave. in Cracow The body of the building will differ from the adjacent office blocks Galileo, Newton and Edison not only in size but in the external appearance as well. That will make Pascal and interesting conclusion of the whole complex. The design of the building was created by DDJM - a Cracow based architecture office.

The main contractor for Pascal is Warbud company.

The value of all of GTC's investments, in all sectors of Cracow's real estate market amounts jointly to €200 million.

Source: GTC

Related News