GTC has successfully completed the sale of two assets, generating significant cash inflows as part of its ongoing strategy to strengthen its financial position. In January 2025, the company finalised the disposal of a €55m land plot in Warsaw’s Wilanow district and the Matrix C office building in Zagreb for €27m. These transactions reflect GTC’s commitment to optimizing its portfolio and generating liquidity.
The land plot in Wilanów was sold to one of Poland's leading residential developers for €55m, representing a 20% premium to its latest book value. Additionally, GTC’s sale of Matrix C, part of the Matrix Office Park complex in Zagreb, generated €13m in free cash flow. The building was sold for its book value of €27m.
“These strategic asset disposals are aligned with our goal of consolidating cash and enhancing our financial flexibility,” said Gyula Nagy, President of the Management Board of GTC. “Our financial results for the first three quarters of 2024 reflect the solid condition of our business. To further strengthen our position, we have strategically disposed of selected assets, enabling us to enhance our cash reserves.”
For the first nine months of 2024, GTC’s operational stability is evident in its financial performance. Rental income increased by 3% to €139m, and the gross rental margin rose by 2% to €97m. Cash on hand and in escrow accounts stood at €70m, while the occupancy rate remained strong at 87%, with robust leasing activity year-to-date.
“We are confident in our ability to navigate both upcoming challenges and opportunities. With a well-executed strategy and disciplined approach, GTC is well-positioned to continue growing and cement its role as a leading regional investor,” added Gyula Nagy.
Image source - GTC.
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