Polish GTC plans five-fold rise in office and retail portfolio (PL)

Polish real-estate developer GTC aims to up its volume of cash-producing office and retail space by more than 500% over the next two years.

"At the end of 2009 we plan to have five times more cash-producing assets than now," Eli Alroy told reporters at a news conference to announce the company's third-quarter results.

The company currently operates 185,000 m² of rental space in the two segments and that it was targeting 1 mln. m² across its eastern European property portfolio by the end of 2009.

GTC earlier today posted third-quarter net profit of 403.2 mln. zlotys (approx. €101 mln.), up from 304.23 mln. last year, thanks to a 460 mln. zloty gain from reevaluation of its assets, the company said.

After nine months GTC's net profit stood at 657.9 mln. zlotys, or 9% lower year on year.

Source: Freemans News

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