GTC Romania has recently finalized the purchase of a 33,000 m² plot in central Arad, Romania. On this land GTC will develop a shopping center of 25,000 m². The development is part of the joint venture with Aura Investments Ltd.. GTC's stake in this development is 75%.
The construction of the new shopping center is planned to start in the next 6 months, with delivery scheduled for Q4 2008. Following this acquisition, GTC's portfolio in Romania includes 500,000 m² of net office, retail and residential property in completed and under development projects. GTC's part comprises more than 300,000 m², as some of the projects are developed together with partners.
Globe Trade Centre S.A. (GTC) was established in Poland in 1994 and is one of the biggest developers in Central & Eastern Europe.