The malls have a total surface of 25,900 sqm and average yield of 10.6%, compared to 9.5% in December. The units were developed in partnership with Aura Investments, and in December they had been evaluated at EUR58.9 million. The average rent reaches EUR12 per sqm per month.
GTC’s City Gate office building, on the other hand, maintained its value, at EUR174 million.
The unit has a rentable surface of 27,730 sqm, and the average rent reaches EUR22 per sqm per month, with a yield estimated at 7.1%.
The assets held in Romania represent some 15% of the GTC’s portfolio in Europe, which was evaluated at EUR1.47 billion.
The company is currently developing a Galleria mall in Arad, with a surface of 33,600 sqm. The unit is set for completion in fall this year.
GTC, owned by Israeli group Kardan, is active in ten states in the region, with office, retail and residential building projects.
Previous GTC projects in Romania include the development and sale of the office buildings America House and Europe House in central Bucharest. In addition, GTC has developed the Rose Garden residential compound in northeast Bucharest.